September 15, 2021

Young entrepreneurs have a lot of promise, according to the DTI chief

Ramon Lopez, Secretary of the Department of Trade and Industry (DTI), stated that the country’s status as a “social media capital” qualifies young entrepreneurs as prospective contributors to the government’s socio-economic development plan for micro, small, and medium businesses (MSME).

“The Philippines is the world’s social media capital, and this is boosting the department’s youth entrepreneurship program (YEPeconomic )’s independence,” Lopez said in a recorded keynote speech played during the start and orientation of the Cordillera YEP year 2 program on September 15, 2021, Wednesday.

The full-day kickoff event will include presentations on DTI initiatives for young and new businesses, as well as expert and young entrepreneur experiences.

According to Lopez, the DTI saw the potential of young entrepreneurs and envisioned the YEP as the agency’s contribution to a national strategy aimed at assisting the economy’s recovery in the wake of the coronavirus disease 2019 (Covid-19) epidemic.

He discussed the agency’s “7Ms” for boosting young entrepreneurs’ competitiveness, which may be used to assist the sector get started, develop, maintain, and thrive in business.

According to Lopez, the DTI has a program that focuses on developing a “mindset” that helps young entrepreneurs gain “mastery” in their profession. They also provide “mentoring” programs for new and prospective businesses, as well as “machines” via the department’s shared service facility (SSF).

A “market” access program, in which the DTI connects MSMEs with prospective markets, as well as a “module” to continue teaching skills, are also available.

According to Lopez, the government is supporting 18,160 MSMEs in the Cordillera, which has resulted in the creation of 38,397 employment and the introduction of approximately PHP1 billion micro-entrepreneurs via the 47 Negosyo Centers.

“These initiatives are available to our small company owners, especially youth entrepreneurs since we believe in young people as future entrepreneurs,” he added.

In a separate recorded message, DTI Undersecretary for Regional Operations Blesila Lantayona stated that in addition to the youth entrepreneurship program, they intend to develop programs for the differently-abled, who are also a vulnerable group of the community.

Its entrepreneurial initiatives for out-of-school kids are also on the way.

Juliet Lucas, DTI Cordillera regional director, stated that since the outbreak, they’ve seen a surge of young people starting businesses using the internet, which has prompted them to pay attention to the sector.

Over a hundred young entrepreneurs have been taught too far, with 67 of them pursuing specialist entrepreneurship training and courses.

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