Filipino micro, small and medium enterprises (MSMEs) can compete locally and globally with the help of the 7Ms strategy of the Department of Trade and Industry (DTI), especially with the country experiencing economic growth.
DTI-Regional Operations Group (DTI-ROG) Assistant Secretary Blesila Lantayona said the 7Ms strategy for Philippine MSME Development, which are mindset, mastery, mentoring, market, money, machines, models, will propel MSMEs to make headway in increasing the competitive market.
“The 7Ms strategy of DTI for MSME Development holistically equips the small business sector to make headway in increasing the competitive market while contributing to the larger cause of sustaining the entrepreneurial revolution,” Lantayona said during the 3rd CALABARZON Regional MSME Development Conference in Antipolo, Rizal.
The DTI currently sits as chair of ASEAN 2017 and has hosted a series of high-level meetings among economic ministers of the 10 Member States of ASEAN and the region’s trade partners—the recent of which is the 49th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings last September 6 to 11.
Explaining the 7Ms strategy, Lantayona said that the strategy will equip even the smallest entrepreneurs to be success and innovation driven as well as pro-active in developing their businesses and become better entrepreneurs.
“Through the framework of 7Ms, we will empower empower those at the bottom of the pyramid and marginalized sectors with the right mindset and knowhow to be able to move up in life,” Lantayona explained.
She also underscored the importance of placing the interest of MSMEs at the center of the ASEAN Economic Community through “sharing of knowledge and experience of how MSMEs can benefits from ASEAN integration.”
MSMEs are integral to the economic development and growth of the ASEAN region as they outnumber large enterprises in both quantity of establishments and share of the labor force they employ. The ASEAN MSMEs comprise the 95-99% of all business establishments, generating between 51% and 97% of employment.
Lantayona said that the ASEAN Economic Community is expected to bring benefits to MSMEs as the region’s “integration and its openness to the global economy through the free trade agreements will attract investments from large corporations in ASEAN which provide MSMEs with opportunities through the value chain integration.”
With the competitive environment of the AEC, MSMEs are prompted to strategically enhance their productivity and address the current issues and challenges that ASEAN MSMEs would face in the next decade, adding that DTI will continue to empower and help MSMEs reap the fruits of the ongoing economic growth by engaging in vibrant entrepreneurial activities.♦