IN order to spur the growth of Micro, Small, and Medium-sized Enterprises (MSMEs), the Department of Budget and Management (DBM) allotted P783 million in the proposed 2024 National Expenditure Program (NEP) to promote MSMEs’ growth, attract investments, and create more jobs.
This was announced by DBM Secretary Amenah Pangandaman, who said the allotted funds will help enable the implementation of various programs and policies geared towards the advancement of MSMEs in the country.
Out of the P783-million budget allocation, P100 million will go to the Digitalization Program of MSMEs to accelerate their advancement and enable them to expand their markets through digitalization.
“As I always say, our MSMEs serve as the building blocks of our country’s economy. And so, following the directive of President Bongbong Marcos, we will help attract more investments and create more jobs by promoting more competitive and innovative industries, particularly among the MSMEs,” Secretary Pangandaman highlighted.
To further support and supply resources that will foster entrepreneurship, promote local products, and enhance the capabilities of MSMEs, the government will invest in locally funded projects such as the establishment of Negosyo Centers, with its proposed budget of P454 million.
Meanwhile, the implementation of the Shared Service Facilities Project and One Town, One Product Next Generation Project, has an allocation of P579 million and P76 million, respectively.
On the other hand, 40,000 MSME borrowers are expected to benefit from the Pondo sa Pagbabago at Pag-Asenso (P3) Program of the Small Business Corporation, which was allotted a P1.5 billion budget.
The said initiative aims to provide viable alternative financing options to micro-entrepreneurs while ensuring accessibility and sustainability in their pursuit of growth and progress.
“Recognizing that MSMEs constitute a significant portion of the country’s business landscape, this administration remains committed to supporting their growth, especially as we recover from the economic scarring of the pandemic,” President Marcos Jr. said in his budget message.