The Department of Trade and Industry (DTI) has again expressed its commitment to support the MSME sector, saying that global factors now affecting the country’s economy require sustainable and inclusive government response.
“The MSME sector is instrumental to the growth of the Philippine economy, accounting for 99% of all businesses in the country. Needless to say, it is of utmost importance that we ensure that entrepreneurs have access to all the resources, platforms, and technologies that they need to grow their businesses,” DTI Undersecretary Ireneo Vizmonte said in a press statement.
“Our goal is to grow and develop globally competitive and innovative industries that support inclusive growth and improve environmental sustainability and the quality of life for Filipinos. One of (the) DTI’s priorities is the digital transformation of MSMEs and the growth and development of startups,” he adds.
According to Vizmonte, science, technology, and innovation will be essential in building a competitive economy, noting that they will be central to the work of the DTI under the leadership of Secretary Alfredo Pascual.
Through innovation and digitalization, the trade department aims to double its efforts to upgrade as well as scale up MSMEs and startups in order to improve their productivity growth, employment creation, and participation in global value chains.
Trade shows to help build PH as an exporter of high-value products
In addition to supporting MSMEs, the DTI will also be promoting industrialization by holding trade shows locally and abroad and by reconfiguring the export industry into three clusters: Industrial, Manufacturing, and Transport; Technology, Media, and Telecommunication; and Health and Life Sciences.
Through this strategy, the DTI is hoping to be able to further build up the country as an exporter of high-value products.
One such project that follows this strategy is the just-concluded “IFEX Philippines 2022” event held at the World Trade Center and attended by 6,000 local and foreign buyers and visitors from all over the world. It also featured more than 300 Philippine exhibitors showcasing thousands of the country’s premium food products.
According to a report from the Center for International Trade Expositions & Missions (CITEM), an attached DTI promotions body, the government-run food trade show has generated approximately US$100 million in export sales plus P56 million in domestic sales. It added that the sales reports were just initial estimates and may still be expected to increase.
In his speech during the event, Assistant Secretary Glenn Peñaranda, OIC of DTI’s Trade Promotions Group (TPG), echoed Vizomonte’s sentiment by highlighting the trade department’s programs aimed at helping MSMEs boost their competitiveness in the global market. These programs include the Philippine Trade Training Center (PTTC)’s Global MSME Academy, which offers capacity-building courses; the Regional Interactive Platform for Philippine Exporters (RIPPLES), which provides export assistance programs; and participation in overseas trade fairs as well as provision of market access platforms like CITEM’s signature programs.
“The Philippines is one of the most exciting destinations for quality food exports,” explained Peñaranda in his speech, “but with stiff competition from our neighbors, and other drivers such as climate change and health crises, we must continuously adapt and reassert our place in the market.”
IFEX Philippines as a showcase venue for food MSMEs
CITEM Deputy Executive Director Ma. Lourdes D. Mediran said that “IFEX Philippines 2022” is designed to become a site of reunion and rediscovery, where Philippine food companies and international buyers can reaffirm their partnerships and make new connections.
Aside from providing an avenue for food MSMEs in the country to showcase their goods, IFEX Philippines also recognizes the most innovative products for each product category.
On the opening night of IFEX Philippines this year, CITEM also named the winners of its Katha Awards for Food. Katha Awards recognizes exporters that explore new galleries of flavors, original brand ideas, and unique food fusions, as well as creative packaging methods.
Through this recognition program, Katha Awards aims to strengthen the reputation of the Philippines as a “go-to” destination for globally competitive Asian food and ingredients.
IFEX Philippines (formerly International Food Exhibition) is CITEM’s long-running trade event and sourcing program for Philippine and global food and ingredients.
Together with IFEXConnect.com, IFEX Philippines will now serve as a one-stop business-to-business (B2B) platform aiming to optimize the sourcing experience of buyers from anywhere in the world.