MANILA – As the country recovers from the coronavirus disease 2019 (Covid-19) pandemic, President Ferdinand R. Marcos on Friday stated that the government remains firm in its commitment to help micro, small, and medium enterprises (MSMEs) flourish by streamlining existing processes and making it easier for businesses to thrive.
During the ribbon cutting of the Small and Medium Enterprises (SME) Hub at the Savya Financial Center in Taguig City, Marcos made the commitment as he mentioned the MSME sector’s role in stimulating the economy towards inclusive and sustainable recovery.
“Our administration has not and will not waver in carrying out its commitment to enable the MSMEs to continue flourishing, especially after having to bear the brunt of the pandemic. Let me assure you that the government remains dedicated to streamlining existing processes and making it easier for businesses to thrive,” Marcos said. “We will continue to initiate worthwhile programs to give our kababayans enough space and resources to maintain, start, and even restart their ventures.”
The President encouraged all Philippine MSMEs to take advantage of the existing financial assistance and facilities provided by the government and partner institutions in order to maximize the sector’s potential to become the country’s engines for inclusive economic growth recovery.
He referenced government statistics from 2021 indicating that MSMEs account for more more than 99.5 percent of all businesses in the Philippines and generate more than 5 million jobs.
“Indeed, this is one powerful sector. There should be no question as to the significance of our constant investment in it,” he said.
Marcos also urged MSMEs to implement information and communications technology (ICT) as part of business strategy and towards the country’s digital transformation.
“Through this, we can ensure the continuity of business amidst the Covid-19 pandemic and meet the growing demands of businesses and consumers,” he said.
He also urged everyone to join the government in assisting the country’s economic recovery through the empowerment and strengthening of MSMEs.
“May we all work harmoniously, through our respective endeavors, to keep the Philippines rich and fertile for businesses to grow and evolve — one where every citizen can confidently take the leap of faith, start a business, and dare to dream of a future of security, stability, and prosperity,” Marcos said.
He stated that the SME financial hub would be “very beneficial” in further empowering SMEs in the country, which is in keeping with the national objective of advancing growth and development.
“This new financial hub is a welcome space where our people, particularly our small and medium enterprises, can find and create meaningful opportunities for their businesses,” he said.
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