The Department of Trade and Industry (DTI), as Chair of the Micro, Small, and Medium Enterprise Development Council (MSMEDC), staged this year’s National MSME Summit on 16 July 2019 at the Philippine International Convention Center (PICC), Pasay City to showcase vital and game-changing whole-of-government policy reforms, programs, and initiatives to empower and build revolutionary Filipino entrepreneurs.
Driven by the government’s strong desire to encourage innovation among MSMEs, the Summit’s theme—“Inclusive and Sustainable Innovations for Globally Competitive MSMEs”—underscores the need to develop MSMEs and young entrepreneurs by equipping them with the values, skills, and entrepreneurial spirit necessary for their businesses to succeed in the digital economy.
“We attribute our country’s undeniable economic growth and success to the vibrant entrepreneurial spirit of the MSME sector, which plays a significant role in reducing poverty and achieving inclusive growth,” DTI Secretary Lopez said during the Summit.
The DTI Chief noted that data gathered from the Local Government Units (LGUs), through the Philippine Business Registry (PBR), indicated that there are about 1.5million registered enterprises in the country.
“We need to encourage all MSMEs to innovate. I remember very simply—anything new to a firm is innovation, anything new to the world is invention. We call on MSMEs to explore novel ideas, business models, transform from traditional to digital,” DTI-Regional Operations Group (ROG) Undersecretary Zenaida Maglaya said.
The Philippines is currently considered one of Asia's economic bright spot, with GDP growing at an average of over 6%. The country has also been given high investment grade ratings of ‘BBB+’ – highest ever, notch lower ‘A’ rating from international credit rating agencies. And as of April 2019, the country’s unemployment rate slid down to 5.1% and underemployment was at a record-low of 13.5%.
In line with the vision of President Rodrigo Roa Duterte to provide better and comfortable lives for all Filipinos, Secretary Lopez highlighted various MSME programs under the 7-point strategy essential for MSME development — mindset, mastery, mentoring, markets, money, machines, and models — that are focused and targeted to benefit those at the bottom of the pyramid, and aimed to help ordinary people succeed and prosper in life.
Read more: Department of Trade and Industry
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The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan