NextGen Day

President Ferdinand R. Marcos Jr. commended the sector’s contribution to economic stimulation on Friday, saying that micro, small, and medium-sized firms (MSMEs) will benefit from digital inclusion by growing their market reach and sustaining “economic regeneration.”

The 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting was held in Bangkok, Thailand. During the Retreat Session, Marcos stated that MSMEs must engage in e-commerce to ensure their “improved resilience and productivity.”

In the post-pandemic and digital era, “MSMEs need opportunities and aid to recover, expand, and progress,” Marcos told business executives.

MSMEs, according to Marcos, can support long-term economic growth in the Asia-Pacific region by acting as “catalysts for economic regeneration, job creation, and poverty reduction.”

As economies recover from the effects of the coronavirus disease 2019 (Covid-19) pandemic, Marcos continued, APEC must assist MSME’s attempts to digitalize.

Marcos made the call while lamenting the “systemic difficulties and structural constraints that the epidemic has exacerbated for the MSME sector.”

He continued, “This is in addition to dealing with the complex challenges that are going digital presents, like 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.

In order for small firms to become “more competent and agile” in implementing digital solutions and methods, according to Marcos, they must employ the “proper” tools and procedures.

In order to “create interventions and regulatory frameworks” that will guarantee MSME’s economic resilience in the “long term,” Marcos added that APEC economies also concurred that collaboration and cooperation between policy-makers and the private sector are essential.

The MSMEs that make up the “backbone” of the Philippine economy is receiving special attention from the Marcos government.

Approximately 1,076,279 of the 1,090,810 business establishments functioning in the Philippines as of 2021, or 99.58 percent, are MSMEs, according to information provided by the Philippine Statistics Authority (PSA).

The PSA statistics showed that MSMEs also produced 5,461,731 employees, or 64.67 percent of the nation’s workforce.

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