The MSME sector is a crucial driver of the economy, making up 99.6% of our country’s enterprises or registered business firms. MSMEs generate 61.6% of employment. Thus, developing, empowering, building the capacities of MSMEs and including them in the financial system, fuels the foundation of our economy as the engine for broad-based growth. There are currently many existing initiatives for MSMEs.
DTI’s Negosyo Centers, among many other programs, serve as “one-stop-shops” for MSME registration, business development and advisory services, and market exposure, among others. Our network of microfinance nongovernment organizations (MF NGOs) is a significant source of financial products and services for our country’s microentrepreneurs. But despite existing efforts, challenges with MSME development still persist.