Philippines makes great strides in pushing MSME dev’t

MANILA, Philippines - The Department of Trade and Industry (DTI) said the Philippines has made great strides in pushing for the development and strengthening of micro, small and medium enterprises (MSMEs) in its hosting of the Asia Pacific Economic Cooperation (APEC) summit this year.

“We have made significant contributions to APEC. Our work has gathered support for member economies to collectively work towards an Asia Pacific region that addresses gaps in economic development, sustains long-term and inclusive growth, and benefits our MSMEs,” Department of Trade and Industry (DTI) Secretary Gregory Domingo said.

He said the Philippines has been successful in placing the MSMEs “front and center” of the APEC agenda technical and consultative meetings.

Domingo said the Boracay Action Agenda to Globalize Micro, Small, and Medium Enterprises (BAA-MSME) was broadly supported by trade ministers last May and its implementation plan has been endorsed by APEC senior officials this week.

The BAA-MSME implementation plan aims to guide governments of member economies by identifying specific and concrete interventions, work streams, and progress indicators that should be adopted by stakeholders from the government, private sector, and international organizations.

Likewise, the Cebu Action Plan endorsed by APEC ministers earlier this month calls for initiatives to promote alternative financing mechanisms, specifically to improve access to finance of MSMEs.

“The Philippines will remain steadfast and persistent in implementing initiatives that boosts growth of the various sectors of the economy, engages local businesses, and generates job opportunities for local communities. We remain committed to our goal of inclusive growth by making the most of the benefits of regional integration and trade facilitation in our own economy,” Domingo said.

The DTI said the year-long APEC meetings held in various cities of the country have resulted in identifying specific actions, practical initiatives, and programs that would enhance the BAA-MSMEs and its implementation plan.