THE BUSINESS sector in Iloilo urges President Ferdinand “Bongbong” Marcos Jr. to support most especially the micro-, small- and medium-sized enterprises (MSMEs). In the whole country, Western Visayas ranked fifth among regions with the highest number of MSMEs, according to the Department of Trade and Industry. This is good news.
MSMEs play an important role in generating jobs throughout the country, especially in poor municipalities. And as more Filipino MSMEs participate on economic trade resulting to more jobs, urban centers are not the only places where there’s a multitude of job opportunities. According to DTI, MSMEs generate 66 percent of the total jobs in the country.
MSMEs have a very important role in developing the Philippine economy. They help reduce poverty by creating jobs for the country’s growing labor force. They stimulate economic development in rural and far-flung areas. They serve as valuable partners to large enterprises as suppliers and providers of support services. They serve as breeding ground for new entrepreneurs and large corporations.
A vibrant MSME sector is thus an indication of a thriving and growing economy. However, despite policies that aim to provide an enabling environment for MSME development, the sector still faces various constraints that prevent it from realizing its full growth and potential, including capitalization, costly inputs and coronavirus pandemic restrictions. These and more must be addressed by the government.
