BASED on the latest record of the Philippine Statistics Authority, a total of 1,080,810 business enterprises operate in our country. Of these, 99.58 percent are micro, small and medium enterprises (MSMEs). MSMEs also hold 63 percent of the country's workforce. This is the reason why our current administration is focusing on prioritizing support for MSMEs.

We can see the prioritization of MSMEs this 2023. These prioritizations are seen mostly focused on the topics of loans, digitization and broader trade opportunities. Regarding loans, just this January 2023, the World Bank approved a $600-million loan to support the Philippine financial sector. The loan is geared toward expanding financial inclusion for MSMEs. More on this topic of loans, banks were able to disburse loans to MSMEs with a rise of 3.2 percent to P454.31 billion from January to September compared to P440.34 billion in the same period in 2021, according to the Bangko Sentral ng Pilipinas. Loans for MSMEs play a crucial role in a healthy business. Having access to loans enables MSMEs to keep their daily operations running and cover their commitments in finishing their projects with their clients. In addition, loans enable businesses to expand and reach their full capacity and yearly financial goals.