The Department of Budget and Management (DBM) has announced that it will allocate P1.2 billion under this year’s national budget to help fund various government programs that aim to boost micro, small, and medium-scale enterprises (MSMEs) in the Philippines.
Topping the list of these programs are the Department of Trade and Industry (DTI) ‘s MSME Development Plan and other initiatives to help promote the growth of MSMEs through the establishment of “Negosyo Centers,” the One Town One Product (OTOP) Next Gen and the Shared Service Facilities (SSF) projects.
“MSMEs serve as the building blocks of the economy,” DBM secretary Amenah Pangandaman said in a press statement. “Dahil dito, sinisikap po ng pamahalaan na palakasin ang MSMEs at alalayan sila sa pagbangon, especially from the challenges that have hindered their growth, such as the pandemic.”
“The DBM will ensure programs that can help and strengthen MSMEs will continue to be funded,” she adds. According to the DTI, MSMEs currently comprise 99.5 percent of all business establishments in the Philippines.
Budget allocation
Under this year’s national budget, some P583 million has been allocated to implement the DTI’s MSME Development Plan and similar other programs. Around P487 million will help fund the establishment of the government’s Negosyo Centers or MSME-support offices to promote ease of doing business while facilitating access to services for MSMEs.
Meanwhile, the OTOP Next Gen program will receive P97 million, which will be used to assist MSMEs in product development initiatives, training, and referral, among others, so they can level up their products in terms of design, quality, and volume.
The OTOP program’s ultimate goal is to enable the localities and communities to determine, develop, support, and promote products or services rooted in their respective local cultures, community resources, creativity, connection, and competitive advantages.
Finally, the SSF will get P80 million — P70 million, which will be used to finance Maintenance and Other Operating Expenses (MOOE), while the remaining P10 million will fund capital outlays.
Honoring women entrepreneurs
In a related development, GoNegosyo founder Joey Concepcion held a Women Entrepreneurship Summit at the Ayala Malls Manila Bay in Parañaque last March 18 to honor women entrepreneurs in the country. US Ambassador to the Philippines MaryKay Carlson, DTI Secretary Alfredo Pascual, First Lady Liza Araneta Marcos, and Parañaque City Mayor Eric Olivarez attended the event.
With the theme “Celebrating Inspiring Filipina Entrepreneurs,” the summit sought to highlight the role of women in various sectors of society, including innovation, technology, trade, and business leadership. It also allowed the organizers to present successful business models that MSMEs can venture into while at the same time inspiring the next generation of women entrepreneurs and leaders to pursue their dreams, build their businesses, and positively impact society.
As a fitting celebration for National Women’s Month, the event also provided a venue for Filipino women who have excelled in their respective fields to be formally recognized. During the event, which had nearly a thousand women entrepreneurs in attendance, 15 outstanding Filipina businesswomen were conferred the “Inspiring Filipina Entrepreneurship” award.
“In the 17 years that we’ve worked closely with MSMEs, we found that women make the most resourceful, creative, and determined entrepreneurs. That is why we make it a point, since early on in Go Negosyo’s history, to always dedicate one of our events to honoring women entrepreneurs,” Concepcion said in a press statement.