THE Department of Trade and Industry (DTI) had been tasked to uplift the condition and competitiveness of the country’s micro, small and medium enterprises (MSMEs) through digitalization and the use of technology, its acting chief said Saturday, August 3.
DTI Acting Secretary Cristina Roque said during the Saturday News Forum in Quezon City that President Ferdinand R. Marcos Jr.’s marching order is to boost income and MSME industry in general.
“For us in DTI, we will really do everything for the MSMEs to be able to grow their business. Doon kami naka-focus,” she said.
“We’re not in the business of just product development. We are in the business of selling these products and making a good income out of these products, kasi kapag lumakas itong produkto na ito, we will be able to give jobs to more people,” she added.
Roque, previously the undersecretary for the MSME, stressed the need to use digital platforms to make MSMEs competitive, considering the Philippines’ large population of 115.6 million, which will be a big market for their products.
MSMEs must take advantage of this, Roque said, adding that the country’s large population is actually attracting foreign investors to put their money in the Philippines.
She also mentioned the DTI’s five-point strategy for the MSMEs that she plans to implement, including digitalization and artificial intelligence (AI), diversification, and the provision of funding.
“We must go digital and we must also use AI to be able to help us or to assist us, for example question-and-answer. So, instead of putting time and effort to answer questions or replying to different text messages or inquiries, we can use AI to be able to do this part while we focus on growing our business,” she said.
In terms of diversification, Roque said businesses cannot rely on a single income and must have a second source to ensure security and profitability.
To fund MSME operations, the government has been extending easy loans with low-interest rates.
“When we started to come in SB (Small Business) Corp., we made loans easier for the MSME. Before, you needed to have a collateral,” Roque said of the financial assistance scheme to MSMEs.
Roque officially assumed the role of acting DTI secretary during a turnover ceremony on Friday, attended by her, predecessor Alfred Pascual.
Meanwhile, Pascual thanked the DTI for its support during his tenure and expressed confidence in Roque to drive the country’s economic growth and development. (Philippine News Agency)
