President Marcos will issue an executive order (EO) to institutionalize the development plan for small businesses in the country.
Marcos said on Wednesday, July 10, that he will be issuing an EO that will mobilize government agencies in the plan to boost micro-,small and medium enterprises (MSMEs).
"Aptly titled the MSME Development Plan [2023-2028], this strategic roadmap is structured around further improving the business environment, enhancing the skills and innovation, and expanding market access," Marcos said in his speech during the 2024 Presidential Awards for Outstanding MSMEs at the Malacañan Palace.
"We will be institutionalizing this plan through an Executive Order that will set the specific roles and outline the procedures and activities for all involved agencies," Marcos added.
The President bared that currently, the Department of Trade and Industry (DTI) "is working with the MSME Development Council and the Office of the President to finalize this Executive Order."
He also vowed that the DTI will continue to lead the MSME Development Council in formulating the comprehensive strategy "that will foster a dynamic industry ecosystem for our businesses."
“So, let us collaborate on this endeavor and remind us that the way forward for MSMEs lies in our ability to innovate, collaborate, and persevere. Let us remember that we sustain our patronage of, support for, and solidarity with our local businesses,” Marcos said.
“For every enterprise that we support, every innovation that we foster, [and] every product that we bring to [the] market, we create the opportunities for our fellow Filipinos to succeed and to build inroads for our economy to thrive and to prosper," he added.
MSMEs in the Philippines comprise 99.59 percent of the total establishments, highlighting their huge impact on employment and livelihood. At least 1,105.143 out of 1,109,689 total business enterprises are MSMEs.
The Presidential Awards for Outstanding MSMEs was launched by the DTI during the National MSME Summit 2023. It was renamed from Outstanding MSME Awards to its current name pursuant to Republic Act 9501, or the Magna Carta for MSMEs.