THE Department of Budget and Management (DBM) said P1.2 billion has been allocated to fund various government programs to boost micro, small and medium enterprises (MSMEs) under this year’s national budget.
These programs are part of the MSME Development Plan and other initiatives of the Department of Trade and Industry (DTI) to promote the growth of MSMEs; establishment of Negosyo Centers; One Town One Product (OTOP) Next Gen; and Shared Service Facilities (SSF).
“MSMEs serve as the building blocks of the economy. Dahil dito, sinisikap po ng pamahalaan na palakasin ang MSMEs at alalayan sila sa pagbangon, especially from the challenges that hindered their growth, such as the pandemic,” DBM secretary Amenah Pangandaman said.
She added following the directive of President Marcos Jr., they will ensure programs that will help and strengthen MSMEs will continue to be funded,” she added.
Under this year’s budget, some P583 million is allocated for the implementation of the MSME Development Plan and similar government programs.
Around P487 million will also help establish Negosyo Centers or MSME-support office of the government that operates to promote ease of doing business and facilitate access to services for MSMEs.
The OTOP Next Gen, a program that assists MSMEs in product development initiatives, training and referral, among others to level up the products in design, quality and volume, will receive P97 million.
It enables localities and communities to determine, develop, support and promote products or services that are rooted in their respective local cultures, community resources, creativity, connection and competitive advantages.
Meanwhile, the SSF will get P80 million — of which P70 million will be used to finance Maintenance and Other Operating Expenses (MOOE) while P10 million will be used to fund capital outlays.
MSMEs comprise 99.5 percent of business establishments in the Philippines, according to the Department of Trade and Industry. (PNA)/PN
