MICRO, small, and medium enterprises (MSMEs) are supposed to be the Philippines' economic backbone. They make up 99.5 percent of business establishments in the country, provide 63 percent of employment to the Philippine workforce, and contribute about 40% of the country's gross domestic product (GDP). Yet they only receive a mere total 5.4 percent allocation of the loan book of the Philippine banking sector. Are they being left behind?
For those interested in the MSME state of affairs, there is an MSME Development Plan 2017-2022. And it is worthwhile that the Department of Trade and Industry (DTI) has published a 2020 accomplishment report of the MSME Development Plan. In terms of initiatives and efforts, the DTI team must be applauded for documenting what the Department has been doing considering that the MSMEs are the hardest hit sector in this Covid-19 pandemic.
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