ADB OKs P24 million grant to support MSMEs

MANILA, Philippines — The Asian Development Bank (ADB) has approved a $500,000 (P24.2 million) technical assistance grant to boost the online platforms of micro, small, and medium-sized enterprises (MSMEs) in the Philippines.

Indonesia has also been identified for participation in the program.

The grant comes from the People’s Republic of China Poverty Reduction and Regional Cooperation Fund financed by the Chinese government.

ADB said the assistance would support research on the role of online platforms in fostering MSMEs resilience, competitiveness and consumer welfare in ADB’s developing member countries amid the pandemic.

The sectors involved are in industry and trade development, particularly small and medium enterprise development.

It also covers information and communication technology especially ICT industries and ICT-enabled services.

The latest technical assistance supports ADB’s Strategy 2030 on promoting innovative technologies and strengthening knowledge services, and the digital technology opportunities integrated in ADB’s transformative agenda.

The project is expected to help enhance MSME resilience and consumer welfare during shocks such as the pandemic.

The assistance targets environmentally sustainable growth, inclusive economic growth, and regional integration.