2022 saw many micro, small and medium enterprises (MSMEs) return to a sense of normalcy as the last of the Covid-19 pandemic restrictions were dropped. However, new challenges such as inflation, fluctuations in peso-to-dollar values and disruptions in global supply chains have also disrupted economic recovery. In addition to existing challenges in competitiveness and digitalization, MSMEs also had to deal with higher costs of raw materials and lending interest rates.
MSME revitalization is one of the priorities of the Marcos administration, with the President himself promising to intensify efforts to help MSMEs seize more opportunities for digitalization and globalization. With this promise, what changes and improvements in the business environment can SMEs expect?
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