By Jelly F. Musico
MANILA, March 24 (PNA) -– President Benigno Aquino III on Tuesday underscored the need for micro, small, and medium enterprises (MSMEs) to take a leading role in the country’s growing economy.
”We want MSMEs to take on a leading role in our country’s growth story,” President Aquino said in his speech during the Euromoney-hosted Philippines Investment Forum at The Peninsula Manila in Makati City.
The President said MSMEs is another key sector that can help in widening the range of financial options in the country.
”An empowered MSME sector is one of the main foundations of a healthy economy,” he said.
President Aquino said MSMEs enables the country to establish economic dynamos in even the most remote parts of the nation.
”It creates opportunities, giving our countrymen yet another path through which they can take hold of their destinies. Ultimately, it can become one of the strongest and most direct tools towards inclusive growth,” he said.
The President said the government is working overtime to provide the MSMEs “the wherewithal” to compete and succeed in an increasingly global market.
He said the SME Roving Academy has conducted more than 1,871 training sessions focused on skills training, product pricing and costing, business planning, entrepreneurship development, and financial management, among many others.
”To date, these have helped more than 85,000 potential and established entrepreneurs,” he said.
Last year, the President signed the Go Negosyo Act along with its implementing rules and regulations.
”Through these, we have started putting up what we call “Negosyo Centers,” or business centers, that will offer MSMEs a full range of services, including business registration processing, training sessions and seminars, and the establishment of market linkages,” he said.
By the end of this year, the President said the government intends on putting up 100 of these establishments across the archipelago.
”Rest assured, our administration will do everything in its power to build on our economic momentum by continuing to invest in the Filipino people,” he said.
The President took the opportunity to cite some achievements despite setbacks and challenges his administration have been facing.
Recently, the country posted an all-time high of US$ 6.2 billion foreign direct investment (FDIs), a performance that exceeded by 65.9 percent the 2013 FDIs.
The President also took note the impressive gross domestic product (GDP) growth from 2010 to 2013 with an average of 6.3 percent.
”On top of this: even in spite of the linger effects of typhoon ‘Haiyan’ (locally named Yolanda) and the uncertainty in the global economy, our country is still posted a respectable 6.1 percent GDP growth figure last year,” the President said.
He said the Philippines was likewise upgraded to investment grade by all three major credit ratings agencies in 2013.
”Bloomberg recently reported, I’m told, that the Philippines is forecasted to be the world’s second fastest growing economy in 2015,” President Aquino said. (PNA)