Philippine President Ferdinand Marcos Jr vows to boost MSMEs’ global competitiveness

2023 July 19

BOOSTING MSMEs. Executive Secretary Lucas Bersamin delivers President Ferdinand R. Marcos Jr.’s keynote speech during the National MSME Summit 2023 at The Manila Hotel on Tuesday (July 18, 2023). The President urged all industry players, experts, and government agencies to pursue a “whole-of-society and a whole-of-government approach” for the development of MSMEs.

MANILA – President Ferdinand R. Marcos Jr. has vowed to address the challenges faced by micro, small, and medium enterprises (MSMEs) to boost their global competitiveness.

During the National MSME Summit 2023 at The Manila Hotel on Tuesday, Marcos emphasized that building a “more robust” MSME sector is key to having a “more resilient, competitive, and prosperous” Philippine economy.

“It is important to note that our MSMEs are one of the steady pillars of the Philippine economy – they comprise more than 99 percent of all our registered businesses and employ more than 5.4 million Filipinos,” Marcos said in a keynote speech read by Executive Secretary Lucas Bersamin.

“If we want to truly transform the Philippine economy and society, we must not only take care of our MSMEs, but also make sure that they are able to grow, flourish, and compete globally.”

Marcos underscored the importance of forging partnerships with different sectors to come up with “viable, effective, and efficient” solutions to the various issues besetting the MSME sector in terms of financial and market access, skills development, and technology adoption.

He urged all the industry players, experts, and government agencies to pursue a “whole-of-society and a whole-of-government approach” for the development of the MSMEs.

“I encourage everyone to keep reaching out and coming together so that we can leverage our respective strengths, expertise, and resources to launch our MSMEs to even greater heights,” Marcos said, noting the need to equip MSMEs with the tools, knowledge, and connections they need to thrive in “modern and dynamic” business environment.

The President also said his administration remains committed to providing MSMEs with digital literacy training and support for diverse e-commerce platforms to ensure their efficiency, productivity, and competitiveness.

“We will sustain our support for enterprises engaged in agribusiness and provide financial aid for further research and development. We will help in expanding access to financing for MSMEs, including the expansion of loan programs, credit guarantee schemes, and the establishment of a credit scoring system to facilitate lending decisions,” he said.

Marcos said the government would work with the private sector to provide mentorship programs and increase the MSMEs’ access to markets and other resources.

He also expressed hope that this year’s summit would unleash the full potential of the small businesses in the country.

“With this in mind, I wish to emphasize the role of this summit in fostering a healthy and conducive environment for the growth and prosperity of MSMEs,” Marcos said.

“Its discussions on building a robust tech startup ecosystem; integrating MSMEs into domestic and global value chains; strengthening the regional innovation and entrepreneurship landscape; and honing the capabilities of our workforce are indeed most welcome.”

In celebration of the MSME Development Week, the National MSME Summit 2023 was organized by the MSME Development Council and supported by the Department of Trade and Industry (DTI) and Go Negosyo.

This year’s summit carries the theme, “Upgrade, Upskill, and Upsize MSMEs,” highlighting the importance of empowering MSMEs by elevating their capabilities, enhancing their skills, and expanding their operations to thrive in a rapidly evolving business landscape.

In his speech delivered during last year’s National MSME Summit, Marcos said revitalizing the sector is one of the administration’s top priorities.

Ruth Abbey Gita-Carlos (PNA)