By Francis Allan L. Angelo
The Department of Trade and Industry (DTI) has launched a new blueprint to drive economic growth and innovation, focusing on Micro, Small, and Medium Enterprises (MSMEs).
DTI Secretary Fred Pascual presented the MSME Development Plan 2023-2028 at a sectoral meeting chaired by President Ferdinand Marcos Jr. at Malacañang.
The plan, marking the fourth iteration of the national MSME strategy, integrates advanced digital technologies and artificial intelligence (AI) to enhance the capabilities of MSMEs, ensuring they remain competitive in a rapidly evolving technological landscape.
“The new MSME Development Plan is more than a policy document; it is a blueprint for the future, ensuring that our enterprises are competitive, innovative, and resilient,” Pascual said in a statement.
The plan was developed through extensive consultations with stakeholders from various sectors, including the Departments of Agriculture, Labor and Employment, Interior and Local Government, Science and Technology, Budget and Management, Information and Communications Technology, and the Office of the President.
Key initiatives in the plan include the institutionalization of Shared Services Facilities and the creation of Business Starter Support Programs, aimed at reducing operational costs and eliminating barriers for new entrepreneurs.
An AI-driven Machine Learning-based Credit Scoring Model is also introduced to expedite loan processes for microenterprises.
President Marcos Jr. emphasized the importance of digitalization, noting that the MSME Development Plan will prepare businesses to meet modern economic challenges and streamline business processes.
“By focusing on digitalization, we are preparing our MSMEs to meet the challenges of the modern economy and ensuring they continue to be a critical driver of our nation’s growth,” he said.
Pascual proposed several financial strategies to support the plan, including increasing the capitalization of the Small Business Corporation to enhance its loan capacities and introducing purchase order financing to aid MSMEs in managing cash flow and fulfilling larger orders.
Reflecting on the plan’s collaborative development, Pascual added, “The new MSME Development Plan is a testament to our government’s commitment to fostering a dynamic business environment that nurtures innovation and inclusivity.”
The successful implementation of this plan aims to increase the number of registered MSMEs, enhance job creation, and improve the overall economic contribution of MSMEs, aligning with the broader goals of the Philippine Development Plan and the ASEAN Strategic Action Plan for SME Development.
