MANILA, Philippines — The Department of Trade and Industry is strengthening its partnership with the Department of Science and Technology to help the country’s micro, small and medium enterprises (MSMEs).
Both agencies recently sighed a memorandum of understanding to promote innovation among local entrepreneurs.
“Innovation is when you fix something, even if it’s not broken. In entrepreneurship, continuous innovation in products, processes, business model, is the only way to survive,” Trade Secretary Ramon Lopez said.
“Through the MOU, DTI and DOST will merge One Town One Product (OTOP) and Go Lokal entrepreneurs with DOST’s oneSTore.PH hubs. OTOPrepreneurs may now also use DOST’s online store, oneSTore.PH, to sell their products,” DOST Secretary Fortunato de la Peña said.
Lopez said DTI’s continuing partnership with DOST would not only make MSMEs bigger, but it would also make them smarter.
According to the trade chief, MSMEs comprise 99.6 percent of enterprises and 70 percent of employment in the country, but only account for 35 percent to 40 percent of gross value added contribution to the economy.
Lopez said innovation could bridge this gap because when MSMEs transform raw materials into quality products, they can sell at premium prices and reach international markets.
“President Duterte wants to make the MSMEs smarter and bigger, not just in number, but also in terms of contribution to the economy. It’s easy to become an entrepreneur—but to have high quality, differentiated products is the real challenge, but it is their ticket to greater success and better quality life,” he said. llenges.