MSMEs to lead Philippines post-COVID-19 economic recovery

MANILA, Philippines —  The country’s small entrepreneurs are pre-positioned to lead the country’s recovery following three years of the COVID-19 pandemic, according to Go Negosyo founder Joey Concepcion.

“If there is one sector that has been active and striving during the pandemic, it is the micro, small and medium enterprises (MSMEs),” Concepcion said.

“They have borne the brunt of the worst but they persevered and they are ready to take advantage of this rebound,” he said.

On Monday, in his speech at an event in Mandaluyong City, President Marcos said “the worst is over” for COVID-19 in the country with the announcement of the World Health Organization that the disease no longer represents a public health emergency.

Marcos said the Philippines could now refocus its plans and priorities on the development of its economy and the betterment of the lives of ordinary Filipinos.

Concepcion said the pandemic even became an opportunity for some MSMEs to pivot to digital technology.

“They quickly adapted to selling online, and thanks to platforms that were easy and accessible for them, such as the digital payments platforms, social media and delivery and ride-hailing apps, they became quite fast at changing the way they did business,” he said.

Some nano-preneurs, he said, were even created during the pandemic.

“We saw people becoming micro-influencers and content creators; these are practically nano-preneurs because their capital is their own skills,” he said.

The Go Negosyo founder said that present conditions are favorable for MSMEs as the Senate and the House of Representatives facilitated two crucial laws that are critical to MSME development and job creation.

On Monday, the Senate passed on third and final reading  Senate Bill 2021 or the proposed amendments to the Magna Carta for Small Enterprises, institutionalizing shared service facilities for MSMEs.

The House of Representatives, on the other hand, approved on third and final reading House Bill 6336, a measure condoning the existing loans that farmers incurred in owning lands under the Comprehensive Agrarian Reform Program.