DTI to give more support to promising MSMEs

The Department of Trade and Industry (DTI) said on Friday that it is in the process of identifying micro, small, and medium enterprises (MSMEs) in its registry that it can help scale up to become larger firms, an initiative brought about by the current trend that not a lot of small-time businesses are able to scale up their operations.

Trade Secretary Alfredo Pascual said they were making an inventory of all the MSMEs in their roster to determine how many were able to expand their businesses, but that an initial assessment showed them that there is not much movement among these entrepreneurs.

“We want the small enterprises to grow so that they can contribute more to the development of our country and provide employment to our growing population,” he said in his speech during the Rebound: MSME summit in Bicol.

Pascual said they want to see which of these MSMEs have the real potential to grow given the products they have or the services they offer, adding that they would direct more support to them while continuing assistance to others.

The trade official said that the government’s MSME development plan currently focuses on three key areas: business environment, business capacity and business opportunities.

Meanwhile, Go Negosyo founder Joey Concepcion urged MSMEs to digitalize their businesses, saying that it is the “great equalizer” and cited the many benefits it has for small entrepreneurs.

“The pandemic accelerated the digital transformation of many MSMEs. They benefited immensely from e-wallets, delivery apps and social media, which allowed them to compete [against] big players,” he said.