Marcos to Acting DTI Chief Roque: Boost MSMEs’ Competitiveness and Income

President Ferdinand Marcos Jr. has directed the newly appointed Acting Secretary of the Department of Trade and Industry (DTI), Ma. Cristina Aldeguer-Roque, to enhance the competitiveness and income of the country’s micro, small, and medium enterprises (MSMEs).

• Objective: The primary goal is to uplift the income of MSMEs and utilize digitalization to elevate their operations.
• Leadership Change: Roque replaces Alfredo Pascual, whose resignation took effect on August 2. Previously, Roque served as the DTI’s Undersecretary for MSME Development.

Digitalization and Competitiveness:

Roque emphasized the importance of digital tools in boosting MSME competitiveness. She highlighted that MSMEs form 99.5% of businesses in the Philippines and employ 60% of the labor force, making them crucial to the economy.

Strategic Initiatives:

1. Digitalization and AI: Roque plans to leverage digital platforms and artificial intelligence to improve MSME operations. AI can streamline customer service, allowing business owners to focus on growth.
2. Diversification: Encouraging MSMEs to diversify their income sources to ensure stability and profitability.
3. Funding Access: Making loans more accessible and affordable for MSMEs by reducing the need for collateral. The Small Business Corporation (SB Corp.) plays a key role in providing financial assistance.

Importance of Going Digital:

Given the Philippines’ geographical spread, Roque stressed the necessity of digitalization for disseminating information and selling products. “We must go digital and use AI to assist with tasks like customer inquiries, freeing up time to grow our business,” she explained.

Financial Support:

Roque, formerly the chairperson of SB Corp., mentioned that the government has simplified loan processes for MSMEs, recognizing that many startups lack collateral. The aim is to provide support that helps these enterprises thrive from the ground up.

Conclusion:

With a five-point strategy focusing on digitalization, diversification, and funding, Roque aims to significantly improve the MSME sector’s contribution to the Philippine economy.