MSMEs vital to growth of PH economy
Micro, small and medium enterprises (MSMEs) are one of the main drivers that can boost the Philippine economy.
Other than BPOs and OFW remittances, the Philippines may have yet another contributor to the country’s growth — and it’s the MSMEs. These enterprises make up 99.5 percent of established businesses in the country. In fact, they employ 62.8 percent of Filipinos too. What’s notable about MSMEs is that they provide jobs to Filipinos not just in business districts, but also to those who are in the countryside.
“MSMEs are substantial contributors to our country’s economic growth, trade, employment, innovation, and poverty alleviation,” said Zenaida Maglaya, the Trade undersecretary for the Regional Operations Group.
The MSME Development Council has also approved of the MSME Development Plan 2017-2022, which aims to boost the country’s MSMEs into a global arena to make them more resilient, innovative, and regionally integrated. This would help MSMEs access to better technology and other markets.
One of the initiatives that were rolled out last 2017 was Brand Equity Development Program (BED, a program which aims to develop new, strong homegrown MSME brands in local and foreign markets.