Metro Manila (CNN Philippines, May 13) — The next administration understands the need to support micro, small, and medium-sized enterprises (MSMEs) which comprise the majority of businesses in the country, Presidential Adviser for Entrepreneurship Joey Concepcion said Friday.
“Karamihan kasi ng negosyante dito ay itong mga micro and small. Halos 99% yung buong sektor na ‘yan. Yung malaking negosyante tulad namin, mga 1% lang kami,” Concepcion said in a briefing.
[Ninety-nine percent of businesses in the country are micro and small while the big ones are only a percent.]
He said he explained to apparent presidential race winner Ferdinand “Bongbong” Marcos Jr. the need for a more inclusive economy, and to help the underprivileged and underepresented sectors who are pinning their hopes on the new administration.
“Alam naman nya ang importansya dito sa maliit na negosyante (He knows the importance of small businesses),” Concepcion added, referring to Marcos.
“Kailangan ang tulong natin para sa maliit na negosyante ay tuloy-tuloy ang pagbigay ng financing sa kanila kasi marami sa kanila ang tinamaan dito sa pandemya at kulang sila sa working capital,” he added.
[We need to help the small businesses through financing as most of them were hit by the pandemic and struggle with working capital.]
Aside from helping with their finances, mentorship, especially on the use of digital platforms, is also a boost for small businesses, Concepcion said.
He noted that during the pandemic, many shifted to the use of digital platforms. The private sector helped train small businesses on the use of digital tools to sell their products online.
According to data released by the Philippine Statistics Authority on May 12, the Philippine economy maintained its growth momentum in the first three months of 2022 as it expanded by 8.3%.
READ: PH economy rises above expectation with 8.3% Q1 growth
