The entry of SMEs in the export market will strengthen product diversification strategy and lessen dependence on traditional products for exports growth, he said.
To help the SMEs, Santos said he is reviewing how government can support smaller firms. Among these measures, he said, would involve encouraging people from the grassroots to become entrepreneurs through DTI-assisted projects such as financing schemes, training and promotion.
One such DTI program, Santos cited, is the National Trade Fair, which is an annual platform for SMEs to break into the international market.
"The NTF is a chance for SMEs from the regions to showcase their products and secure face-to-face communication with overseas businessmen," Santos said.
He said since SMEs "should spare no effort to attract investments in various ways," the NTF would thus be an excellent place for SMEs to find investors.
Upscale retail giants like Ralph Lauren, Armani Casa, Calvin Klein, Neiman Marcus, Marks and Spencer source some of their product requirements from the Philippines.
Based on government statistics, the country’s SMEs accounted for 32 percent of the gross domestic product and 70 percent of employment opportunities.