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Manila Bulletin devider Philippines devider National devider Marcos to APEC leaders: Help MSMEs recover; join digital economy

Marcos to APEC leaders: Help MSMEs recover; join digital economy

Published Nov 18, 2022 05:12 pm

BANGKOK, Thailand—Recognizing that small businesses continue to struggle from the brunt of the pandemic, President Ferdinand "Bongbong" Marcos Jr. brought to a bigger venue his call to assist the sector to recover in the post-pandemic and digital era.

President Ferdinand 'Bongbong' Marcos Jr (Photo courtesy of the Office of the President)

Marcos emphasized before fellow leaders during his intervention at the 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting (AELM) retreat session on Friday, Nov. 18, the need to narrow the digital divide to allow disadvantaged segments of the economies in the Asia-Pacific region, particularly micro, small and medium enterprises (MSMEs) to participate in the digital economy.

The President also mentioned that the revitalization of MSMEs is one of the top priorities of his administration, considering their role as catalysts for economic regeneration, job creation and poverty reduction.

"However, they continue to face systemic problems and structural challenges heightened by the pandemic," Marcos said.

"MSMEs need opportunities and assistance to recover, grow and progress in the post-pandemic and digital age," he pointed out.

He stressed that the digital economy promises MSMEs increased resilience and productivity, but with the right tools and policies in place, pointing to MSMEs' need to adopt e-commerce to become more adept and agile in the use of digital solutions and approaches.

"This is in addition to facing complex challenges that going digital presents, such as data privacy and cybersecurity issues, lack of digital infrastructure, digital fraud, online consumer protection concerns, digital inclusion and access to finance and the persisting digital divide, among others," Marcos said.

According to the chief executive, APEC economies recognize that supporting MSMEs' digitalization efforts post Covid-19 will require policymakers and the private sector to collaborate and cooperate in "establishing interventions and regulatory frameworks" that will address long-term resilience and innovation as well as advance digital adoption in various segments of MSMEs.

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Bongbong Marcos MSMES digital economy APEC SUMMIT 111822 President Marcos
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