Smaller businesses and ease of doing business prioritised in the Philippines
The Philippines’ new administration aims to prioritise micro, small and medium enterprises (MSMEs) and further improve the ease of doing business in the country.
Incoming Trade Secretary Alfredo Pascual highlighted that support for MSMEs is among the priorities that he intends to pursue.
“A big portion of our population generates income from MSMEs and we need to help them recover. They have been hard hit, they have very little reserves and there is a need to provide support. So that’s one program or focus of the administration of (outgoing Trade) Secretary (Ramon) Lopez that I will continue and enhance to the extent that I can,” said Pascual, according to Philstar Global.
MSMEs account for over 99% of the country’s registered businesses, and generate about 63% of total jobs.
Pascual also noted the need to tap into support from the private sector in helping MSMEs. “I already started discussions with private sector groups that can help address the needs of MSMEs in the area of financing and the area of productivity enhancement,” he said.