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THE government wants to facilitate higher loans for micro, small and medium-sized enterprises (MSMEs), Trade Undersecretary Ma. Cristina Roque said Thursday.
On the sidelines of The Manila Times forum, Roque said that the Department of Trade and Industry (DTI) has been extending loans to entrepreneurs through an attached agency that she chairs, Small Business Corp.
“For Small Business Corp., its main thrust is really to finance the growth of MSMEs. If the MSMEs need financing, they can go to the Small Business Corp. and they can make a loan,” she said.
Trade Undersecretary Ma. Cristina Roque PHOTO BY J. GERARD SEGUIA
“The loans can go as low as P10,000 all the way to P70 million, but we are now pushing for P100 million for each corporation if they want to [secure a] loan.”
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To make this possible, the Trade official said they are seeking a bigger budget allocation for the loan program.
She did not say what the budget request was, but said the total loan amount to be provided to MSMEs would be “in the billions.”
Data from Small Business showed that the total approved amount for its multipurpose loan program had reached over P12.6 billion as of May 14, coming from more than 65,100 approved applications.
Apart from offering financing options, Roque also highlighted the key strategies that could strengthen the country’s approach to MSME advancement and development.
On top of the list is leveraging digitalization to help small enterprises promote and sell their products across the globe.
“This is actually the cheapest way…. They (MSMEs) can use this digitalization platform to showcase and advance their products,” Roque said.
Under a multiyear development strategy, the DTI plans to integrate artificial intelligence and digital technologies to strengthen MSME capabilities and assist them in complying with the evolving technological landscape.
Other strategies to empower MSMEs include helping them generate earnings from various businesses through portfolio diversification and franchising, as well as providing mentoring sessions.
“Let us continue to collaborate, innovate and empower MSMEs to create a brighter, more prosperous future for a lot of us,” the undersecretary added.
“Together, we can unlock boundless opportunities and possibilities and generate opportunities that fuel inclusive growth and sustainable development.”
Green entrepreneurship
In line with efforts to champion MSMEs, DTI-Design Center of the Philippines executive director Rhea Matute also tackled the rise of green entrepreneurship, a core business model that addresses environmental and social issues.
A sustainable business, said Matute, strives to balance the economic, social and environmental aspects to improve profit margins while ensuring that no resources will be exploited.
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