Access to credit by MSME employees

By Dominic Hatol

Mar 02, 2024 12:17 am

THE numbers say it all — micro, small and medium enterprises (MSMEs) are the backbone of the Philippine economy. 2022 data by the Philippine Statistics Authority shows that collectively, MSMEs account for 99.59 percent of all business establishments across the country. It should come as no surprise that they also account for the largest share in jobs across the country: 5,607,748 people employed, or 65.10 percent, of all jobs generated in the Philippines.

Challenges

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