This year is a landmark for the CMA program, for being launched amid the COVID-19 pandemic and showcasing the determination of Filipino microentrepreneurs to succeed at this trying time. A critical sector of our country, MSMEs account for 99.5% of business enterprises, 62.4% of total employment, and 35.7% of gross value added (GVA). The pandemic disrupted MSMEs in unprecedented ways.
We believe that supply-side developments continue to play a dominant role in the inflation outlook, and we find as yet no preponderant evidence of demand-driven inflationary pressures or second-order inflationary effects from the ongoing supply shocks.