The Department of Trade and Industry hopes to generate new opportunities for small- and medium-scale enterprises to grow when the Philippines plays host to the annual Asia Pacific Economic Cooperation Summit next year.
“In the country’s hosting next year, we seek to underscore the significance of the SMEs in the country’s economy, and their role and integration in global supply chains,” Trade Secretary Gregorio L. Domingo said in a statement.
Domingo explained that SMEs play an essential role in driving economic growth and generating employment in local communities.
These firms contribute and enrich growth opportunities in these communities, which are being developed as additional hubs of trade and investments.
The country’s micro, small and medium enterprises (MSMEs) account for over 99 percent of the registered businesses in the country, and about 65 percent of the jobs generated by all types of business establishments.
The trade chief noted that as the backbone of the country’s economy, MSMEs are being developed by the government to help them become more competitive, not just regionally but also globally.
“The DTI has continuously implemented several programs for these enterprises to grow in an enabling business environment, enjoy access to finance, expand market access, and improve efficiency and productivity,” Domingo said.