THE Department of Budget and Management (DBM) has set aside P783 million under the proposed P5.768-trillion 2024 National Expenditure Program (NEP) for programs aimed at advancing micro, small and medium enterprises (MSMEs).
The amount was allocated for the Department of Trade and Industry’s (DTI) MSME Development Program next year, DBM said.
It added that P100 million from the allocation was earmarked for the DTI’s Digitalization Program of MSMEs aimed at accelerating their advancement and enabling them to expand their markets through digitalization.
Meanwhile, P454 million will cover the funding requirements for the establishment of Negosyo Centers “to further support and supply resources that will foster entrepreneurship, promote local products, and enhance the capabilities of MSMEs.”
“As I always say, our micro, small and medium enterprises serve as the building blocks of our country’s economy. And so following the directive of President Bongbong Marcos, we will help attract more investments and create more jobs by promoting more competitive and innovative industries, particularly among the MSMEs,” said Budget secretary Amenah Pangandaman.
Apart from the P783-million for MSME development, P579 million and P76 million, respectively, were set aside for the implementation of the Shared Service Facilities Project and One Town, One Product Next Generation Project.
Further, P1.5 billion was allocated for the Pondo sa Pagbabago at Pag-Asenso (P3) Program of the Small Business Corporation, which is expected to benefit 40,000 MSME borrowers.
The DBM said the P3 initiative aims to provide viable alternative financing options to micro-entrepreneurs while ensuring accessibility and sustainability in their pursuit of growth and progress.
“Recognizing that micro, small and medium enterprises constitute a significant portion of the country’s business landscape, this administration remains committed to supporting their growth, especially as we recover from the economic scarring of the pandemic,” Marcos said in his Budget message. (GMA Integrated News)
