Geared towards improving the business regulatory requirements and procedures as well as maximizing access to finance for MSMEs in the region, the Regional MSME Development Council (RMSMEDC) concluded the last leg of small group discussions (SGDs) under the focus areas of the business environment, held at the National Economic and Development Authority (NEDA) R2 on 27 June 2023.
“Our plan is to make MSMEs stronger and make financial access more reachable,” said NEDA Assistant Regional Director Ferdinand Tumaliuan during his opening remarks. He also emphasized the significance of MSMEs as the backbone of the economy and the need to increase innovation to advance enterprises.
The participants underwent action planning, where they categorized each of their programs and discussed possible areas of collaboration centered on MSMEDP strategic goals and objectives under improving the business climate and improving access to finance.
The following were some of the suggested initiatives for the focus areas:
Improving the business climate:
- Synchronize online applications for registration permits and clearances.
- Monitoring and evaluation of compliance with registrations, permits, and clearances
Improving access to finance:
- Conduct a Regional Financing Summit
- Develop an online financing application (ONE portal/website)
- Monitoring and evaluation of recipients (loans and grants)
The said activity was led by the DTI R2-SMEDD, with NEDA as the host agency, and joined by officers from other R2 offices: BFAR, DOST, SB CORP, DILG, and OWWA.
Date of release: 03 July 2023
