May 21, 2019
The number of registered businesses in the country rose by 30,000 in the first 5 months of 2019, the Department of Trade and Industry (DTI) reported, pledging to aid more micro, small and medium enterprises (MSMEs).
In a statement on Monday, Trade Secretary Ramon Lopez said a total of 1.42 million businesses were registered from January to May this year, up from 1.39 million in December 2018.
The increase in registrants indicates the country has a suitable environment for doing business, Lopez said.
Amid this positive development, Lopez vowed to support the MSMEs. “[E]ven if the DTI’s budget is only up to the provincial level, we will find ways for our programs to reach MSMEs at the grassroots,” he said during the recent 11th MSME Development (MSMED) Council meeting.
The council is a group of representatives from private and public sectors tasked to implement measures to boost the MSME industry.
The body is looking forward to work with the Philippine Statistics Authority and the National Economic and Development Authority to come up with streamlined statistical information on
MSMEs. By doing so, the DTI, the Bangko Sentral ng Pilipinas and other financial institutions can identify areas where microfinancing is needed.
Meanwhile, Lopez said a series of roadshows would be held across the country this year to promote MSMEs. He also said the DTI had been aiding the industry with the launch of a microfinancing initiative, the P3 Program, which allows MSMEs to borrow funds ranging from P5,000 to P200,000, “depending on business need and repayment capacity without collateral.”
Recently, the DTI launched the 17th One Town, One Product Philippines Hub to feature a wide variety of products produced by 69 MSMEs. “This initiative sees the MSMEs’ boost in sales and market reach, adding the cultural upliftment it brings to the provinces, as their products serve as valuable representations of their respective localities.”
Further, Lopez said they would continue to educate the public about the benefits of the Barangay Micro Business Enterprise (BMBE) law or Republic Act 9178, which was passed in 2002 to promote MSMEs by providing incentives.
He also clarified that registration of sole proprietorship is still allowed despite the recently approved one-person corporation by the Securities and Exchange Commission. This is to facilitate ease of registration as the department’s requirements were “much simpler,” he added.
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