PASAY – Department of Trade and Industry (DTI) Secretary Ramon Lopez underscored the need to become smarter entrepreneurs in increasing the profitability of micro, small, and medium enterprises (MSMEs), which the government actively supports through various programs and services.

 “It’s easy to start a business, but you should be smarter entrepreneur to sustain it, maximize your efforts, and increase your profitability. President Rodrigo Duterte’s administration acknowledges this need of many aspiring and thriving entrepreneurs, which is why the DTI employs a holistic strategy to assist our MSMEs to become smarter,” said Sec. Lopez during the National MSME Summit on 16 July 2019.

 DTI has adopted the 7Ms Framework for Successful Entrepreneurship, the main framework of programs and services, to assist and prepare MSMEs become smarter entrepreneurs. This strategy specifically identifies Mindset Change, Mastery, Mentoring, Money, Machine, Market Access and Models of Negosyo as guides in the conceptualization and implementation of policies and programs that will empower and enable Filipino small businesses.

 “We have this strategy to ensure that our MSMEs will succeed and help us in driving the economic growth of the country. From teaching them the business knowhow to assistance in product development, machineries, loan for capital, as well as market access, we ensure that we have these programs and services. All these support the vision of the President to uplift the quality of lives of all Filipinos, especially in the countryside,” shared Sec. Lopez.

 According to the trade chief, the Philippines (PH) economic growth and success are attributed to the vibrant entrepreneurial spirit of the MSME sector.

 Of the total number of business enterprises in PH, 99.56% are MSMEs. Microenterprises comprise 89.59% of the total number, small enterprises are 9.56%, and medium enterprises are 0.41%. Overall, they account for 62.9% of the country’s total employment, and they are engaged in business lines such as wholesale and retail trade, manufacturing, and accommodation and food services.

 “We want to see our MSMEs grow. The microenterprises become small, the small become medium, and the medium become large businesses,” the trade chief added.

 Likewise, the Secretary shared DTI’s strong commitment to bring the programs and services to the grassroots by partnering with barangay officials and linking them to DTI-Negosyo Center coordinators. A total of 428 Negosyo Serbisyo sa Barangay have been established nationwide, which have assisted 24,898 clients. This program aims to develop 200,000 new enterprises from barangays of 4th to 6th class municipalities, and is expected to provide more than 500,000 new jobs.

 “Our programs are meaningless if we don’t reach the grassroots. We keep seeking for ways to help and bring the services to them despite the budget constraints. Identifying one negosyo advocate per barangay and linking them to the nearest Negosyo Center in their area will allow us to reach many of our countrymen and encourage them to become entrepreneurs,” said Sec. Lopez.

 The National MSME Summit 2019 gathered over 1,000 participants composed of MSMEs, tech startups, academe, business experts, mentors, and enablers. Industry experts, accomplished entrepreneurs, and MSME advocates shared their knowledge and insights on the immense opportunities as well as right preparation for the challenges ahead in today’s globally competitive business environment. Members of the panelists and speakers included Senator Cynthia Villar, SM Investments Corporation Vice Chairman Teresita Sy-Coson, Grab Philippines President Brian Cu, Wave Computing President and General Manager Rufino Olay III, and SEO Rank Marketing Inc. CEO Sean Patrick Si.♦

Date of Release: 19 July 2019