NextGen Day

Cebuano English Filipino

The Department of Budget and Management (DBM) revealed on Thursday that the national budget for this year will include PHP1.2 billion in funding for a number of government initiatives to support MSMEs.

The establishment of Negosyo Centers, One Town One Product (OTOP) Next Gen, and Shared Service Facilities, according to the DBM, are all part of the MSME Development Plan and other initiatives of the Department of Trade and Industry (DTI) to encourage the growth of MSMEs (SSF).

“MSMEs act as the foundation of the economy. Since then, sinisikap ng pamahalaan na palakasin ang MSMEs at alalayan sila sa pagbangon, particularly from the difficulties that impeded their development, like the pandemic, said DBM Secretary Amenah Pangandaman.

“Following President Marcos Jr.’s instruction, sisiguruhin po natin at patuloy na popondohan ang mga programang tutulong at magpapalakas sa mga MSME (we will ensure that programs that will aid and strengthen MSMEs will continue to be funded),” she added.

An estimated PHP583 million is set out in the budget for this year to implement the government’s MSME Development Plan and other programs.

Moreover, some PHP487 million would be used to create Negosyo Centers, or government offices that enhance MSME access to services and promote ease of doing business.

In all provinces, cities, and municipalities, Negosyo Centers have been built.

The OTOP Next Gen program will get PHP97 million. This program aids MSMEs in product development activities, training, and referral, among other things, to level up the products in design, quality, and quantity.

It gives locales and communities the ability to choose, create, support, and market goods and services that are based on their own local cultures, community resources, creativity, connections, and competitive advantages.

The SSF will receive PHP80 million, of which PHP70 million will go toward maintenance and other operating expenses (MOOE) and PHP10 million would go toward capital expenditures.

The SSF provides MSMEs with access to high-end machinery and equipment to enhance the quality of their output, boost production capacity, boost competitiveness, and grow their enterprises.

According to the Department of Trade and Industry, 99.5 percent of business enterprises in the Philippines are MSMEs.

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Cebuano English Filipino