The Department of Labor and Employment (DOLE) has urged micro, small, and medium enterprises (MSMEs) to avail financial assistance to improve their workers skills and boost overall business competitiveness.
In a statement, DOLE said that MSMEs may receive financial support ranging from P500,000 to P1.5 million through its Adjustment Measures Program (AMP).
"The DOLE-AMP offers funding to help MSMEs improve their workers' skills and adapt to economic disruptions and emerging employment and business opportunities," DOLE said.
"DOLE seeks to protect workers and businesses from economic shocks, promote job creation, enhance human capital and enterprise resilience, boost productivity, and foster decent work opportunities," it added.
The financial assistance is designed to support various projects, including capacity-building, business development, product innovation, productivity enhancement, and compliance with labor standards.
"These shall help MSMEs adapt and thrive in a changing economy," DOLE said.
Eligible companies are encouraged to submit application letters, qualification affidavits, project proposals, and other necessary documents to the DOLE Regional Office that will oversee the projects.
The department also noted that additional funding may be available for complex projects that require advanced technology or specialized expertise.
DOLE's regional offices will manage the implementation of approved projects to ensure they achieve the intended objectives.
Data from the Philippine Statistics Authority reveal that there are 1,109,684 business enterprises in the country, with 1,105,143—representing 99.59 percent—classified as MSMEs.