DTI seeks P3-B hike in 2018 budget

Trade and Industry Secretary Ramon M. Lopez wants an extra budget of at least P3 billion next year for the Department of Trade and Industry, citing the need to further improve services meant for micro, small and medium enterprises (MSMEs).

Lopez told reporters on the sidelines of an Asean business summit yesterday that he would like to ask Congress for an additional P2 billion for DTI’s money lending program for MSMEs called P3, and another P1 billion to buy equipment for shared service facilities (SSF), a project that aims to increase MSME competitiveness.

The Pondo sa Pagbabago at Pag-asenso (P3), a financing program expected to put loan sharks out of business, gives MSMEs access to more affordable credit.

On the other hand, the SSF program aims to boost competitiveness of MSMEs by providing them with machinery, equipment, tools, systems, skills and knowledge under a shared system.

“The build, build, build for MSMEs would be the equipment that you are providing cooperatives such as sewing machines. We need to continue with that because there’s a lot asking for it. We asked for P1 billion there. So far, what is being considered next year is only P200 million,” he said.