Duterte willing to ‘pour’ up to P50M into MSMEs

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BY PRINCE GOLEZ, Manila Reporter
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President Rodrigo Duterte (5th from left) and the rest of the leaders from the Association of Southeast Asian Nations (ASEAN) member states do the traditional ASEAN handshake as they pose for a photo prior to the 31st ASEAN Summit plenary at the Philippine International Convention Center in Pasay City on Monday.

MANILA – President Rodrigo Duterte has vowed support for the growth of the micro, small and medium enterprises (MSMEs) in the country.

During the launching of the ASEAN Mentorship for Entrepreneurs Network and opening of the ASEAN Business and Investment Summit in Pasay, Duterte recognized the role of micro enterprises in economic development.

“Next year, I would like to make some late changes in the [General Appropriations Act] – the annual budget. I would like to pour more money on this medium, small, and micro enterprise,” he said.

The chief executive said his administration is eyeing to invest more money in the growth of MSMEs as they play a key role in facilitating inclusive growth and development.

“Most of the money will go to the poor and to the [micro, small, and medium enterprises]. Siguro P50 billion each, okay na,” the President said on Sunday.

“We realized that the small guy down there contributes a lot to what is really happening before our eyes and it’s improving our economy,” he said.

Duterte said he’d be willing to shell out P50 billion for MSMEs, in conjunction with the launch of the ASEAN Business Advisory Council (ABAC) mentorship program.

“I will review the budget with secretary [Benjamin] Diokno and maybe if I can add more I’ll ask Congress,” he said.

The MSME sector, according to him, “fuels the world economy.”

“Well, talagang bubuhos ako ng capital because we found out in our meetings with APEC [Asia-Pacific Economic Cooperation], that the basic, basic unit of the economy has always been moved by the MSMEs,” Duterte said.

The President also advised government and business leaders in ASEAN to utilize their “enthusiasm” for the development of their respective countries and the region./PN
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