Duterte rallies support for MSMEs

MANILA, Philippines — President Rodrigo Duterte rallied support for micro, small and medium enterprises on Monday, calling them “game changers” that promote health competition in the market.

Speaking during the leaders’ interface with Association of Southeast Asian Nations Business Advisory Council, Duterte said MSMEs would thrive if there is inclusivity, hard and soft connectivity, infrastructure and a conducive policy and environment.

“I believe that mentorship, money, and markets are pre-requisites in ensuring the success and sustainability of any business enterprise. That is why I support your strategy of strengthening and integrating these three Ms as one cohesive approach in empowering micro, small and medium industries,” Duterte said.

“We are eager to work and partner with you to prepare the MSMEs as a bridge to open pathways toward global value chains,” he added.

Duterte lauded the ASEAN Business Advisory Council for its “tremendous effort” to forge alliances with big businesses, both at the national and across the region to champion inclusive business.

“MSMEs are considered game changers as they can offer more options in the market and their presence also eliminates monopoly of trade and fosters healthy competition in the industry,” the president said.

“The leaders stand in close partnership with you in reenergizing the ASEAN Economic Community,” he added.

MSMEs constitute more than 90 percent of businesses in Southeast Asia and have played significant roles in job generation and economic growth.

Duterte urged the ASEAN secretariats and all consultative working committees under the regional bloc’s economic pillar to fast-track the ASEAN Security Community reforms especially the “low hanging fruits” or the easiest ones to implement.   

“We commit our deep resolve in putting our collective leadership behind your strategic action agenda. The ASEAN way and your call for prosperity for all should now become one,” the president said.  

More funds to support MSMEs

On Sunday, Duterte promised to allot more state funds to programs supporting MSMEs to spur economic activity.

“Next year, I would like to make some late changes in the GAA (General Appropriations Act) - the annual budget. I would like to pour more money on this medium, small, and micro enterprise,” the president said during the ASEAN Business and Investment Summit. 

“So you guys, the small businessmen, maybe a few billions here and there would suffice? Well, I will really pour in capital because we found out in our meetings with APEC, that the basic, basic unit of the economy has always been moved by the MSMEs,” he added.

Duterte said APEC economic leaders have agreed to work tirelessly for free and open market and investment to achieve quality and innovative growth in the 21st century.

He said connectivity, the internet, digital economy, public-private partnerships and the inclusion of MSMEs in global value chains were some of the salient points and shared priorities of APEC member countries.