DTI: More Pinoys going into entrepreneurship

Published May 21, 2019, 12:00 AM

by manilabulletin_admin

By Bernie Cahiles-Magkilat

The Micro Small Medium Enterprise Development (MSMED) Council has reported of a robust business registration. In a report, DTI Secretary and MSMED Council Chair Ramon Lopez said a total of 30,000 new businesses have registered in the first five months of the year.

 Trade and Industry Secretary Ramon M. Lopez (Bloomberg)
Trade and Industry Secretary Ramon M. Lopez (Bloomberg)

“This indicates that it’s a good time to do business in the Philippines, given that the country is the 2nd fastest growing economy in the ASEAN region,” said Lopez.

These new MSMEs have brought the total number of registered enterprises to 1.42 million in May 2019 from 1.39 million in December 2018.

During the recent11th MSME Development Council meeting, Lopez said that programs for MSMEs should be felt at the barangay-level.

The MSMED Council, composed of public and private sector representatives, is the group tasked to advance the interests of Filipino MSMEs.

“Part of fulfilling President Rodrigo Duterte’s promise of Tapang at Malasakit is providing job and business options to help Filipinos live more comfortable lives. So even if the DTI’s budget is only up to the provincial-level, we will find ways for our programs to reach MSMEs at the grassroots,” said Lopez.

The DTI, he said, is committed to inform the public on the benefits of the Barangay Micro Business Enterprise (BMBE) law.

Lopez also clarified that entrepreneurs can still register as single proprietors in DTI, even after the Securities and Exchange Commission (SEC) allowed the registration of one-person corporations. This is due to the much simpler registration requirements in DTI.

The MSMED Council is also looking into synchronizing statistics produced by the Philippine Statistics Authority (PSA) and the National Economic Development Authority (NEDA) on MSMEs. It also wants to count the MSMEs in the informal sector, or those who have yet to get business permits. These statistics, according to the Council, will help DTI, Bangko Sentral ng Pilipinas (BSP), and other finance institutions grasp where microfinancing is needed.

Upcoming events for MSMEs include the MSME Summit in July and the three-leg Youth Entrepreneurship Program Roadshow in Visayas by June, Cebu by July, and Luzon by November.