Marcos says revitalizing MSMEs among his top priorities

President Ferdinand "Bongbong" Marcos Jr. on Friday said that his administration would help small and medium-sized enterprises recover from the effects of the COVID-19 pandemic.

During the Micro, Small and Medium Enterprises (MSMEs) Summit 2022 held at the Manila Hotel, Marcos recognized the sector’s critical role in the country's economic regeneration, job creation, and poverty reduction.

"I assure you that the revitalization of MSMEs is among the administration's top priorities. I reiterate the government's full commitment to work hand in hand with all stakeholders to make certain that MSMEs are protected and provided with ample opportunities, not only to recover from these extraordinary times but to grow and thrive in this modern age," Marcos said.

"Your government is here to help you level up and succeed, especially during these difficult times," he added.

The government would harness the strengths of various sectors "to ensure a more cohesive government approach in creating a more sustainable environment for MSMEs and all our important stakeholders," he said.

He also acknowledged that the success of MSMEs is crucial to fortifying the foundation of the economy.

"The past two years have certainly been difficult but they only show how strong we are as a nation. Now is the time to come up with these pandemic-proof strategies that will allow our businesses to take wing and serve its consumer base with quality products and services," Marcos said.

The President recently met with members of the Private Sector Advisory Council (PSAC) to discuss plans to generate more jobs for Filipinos, including scaling up MSMEs.

Meanwhile, United States Ambassador to the Philippines MaryKay Carlson said the US would assist Filipino small entrepreneurs as part of the pandemic response.

Carlson also called on MSMEs to participate in and take advantage of the benefits of the digital economy.

"The US government is pleased to work together with you to support MSMEs and help local and global economies recover and transform from the pandemic-induced slowdown," the ambassador said in her message during the event.

According to the Department of Trade and Industry, about 10% of MSMEs were forced to close as of June 2021, down from a peak of 52.66% in May 2020 during the height of quarantines to stop the spread of COVID-19. —VBL, GMA News