Digitalization, innovation, keys to growing smarter MSMEs

  • July 18, 2017

QUEZON CITY July 18 (PIA)--Digitalization is a great equalizer that levels the playing field for large and small business players, the country’s trade chief said at the successful Philippine hosting of the ASEAN 2017 Micro, Small and Medium Enterprises (MSME) Development Summit on 14 July.

 

“Through innovation and digitalization, we are confident that MSMEs can leapfrog their status as globally-competitive enterprises, thus benefitting everyone in ASEAN,” said ASEAN Economic Ministers chairman and Trade Secretary Ramon Lopez.

 

He explained that adopting a business model that considers processes and systems innovation, including the integration of digital strategies and e-commerce in market operations is a big growth enabler for MSMEs.

While continuing the efforts to enhance the country’s foreign trade and investments, the Department of Trade and Industry (DTI) maintains its solid attention on developing MSMEs as backbone of the economy and as the prime mover of both domestic and regional growth.

 

Sec. Lopez expressed President Rodrigo Duterte’s desire to widen the gains of the ASEAN Economic Integration, as well as considered the Summit “the result of the shared vision to make growth truly inclusive and felt by the people.” 

 

“Making growth felt by everyone can only happen if we are successful in empowering the bottom of the pyramid. In the realm of business, we must effectively tap the potential of our MSMEs, which form a significant part in our region’s growth resurgence,” he said.

 

According to him, there must be an effective enabling ecosystem with strategic imperatives at the regional level to upgrade the capabilities of MSMEs in ASEAN.

 

“Teaching them how to fish is the real solution to fight poverty,” Sec. Lopez added.

 

“If we talk of upgrading competencies, simply put, we want to make smarter entrepreneurs. For this to happen, the watchword is innovation, as showcased by the demonstrated capacity of many of our MSMEs in the ASEAN region,” he said.

 

The Summit noted that while MSMEs comprise about 95-99% of all business establishments, they still do not account for a commensurate output share in terms of Gross Domestic Product and exports.

 

As the ASEAN Economic Community creates opportunities and challenges for MSMEs in the region, the need for MSMEs to retool and upgrade to maximize their participation in the local and value chains has become even more imperative.

 

To this end, the Philippines pursued its seven-point strategic framework or 7Ms to help ASEAN entrepreneurs start up, sustain, expand and internationalize their own businesses to make them smarter. The 7Ms refer to Mindset, Mastery, Mentoring, Markets, Money, Machines and Models.

 

The Manila Call to Action on the 7Ms for ASEAN MSME Development, which was adopted on 14 July took into account recommendations from the Summit.

 

In a bid to unite ASEAN for the empowerment of the region’s MSMEs, the Summit underscored the steadfast commitment to make the sector a vital engine in realizing the aspired-for regional prosperity.

 

With the theme 7Ms Toward Shared Prosperity in ASEAN, the Summit gathered some of the thought leaders in the business community, MSME advocates, representatives from ASEAN Governments, as well as business mentors and experts on marketing strategies and communications, planning and execution. (DTI/RJB/SDL/PIA-NCR)


Other News

President Duterte reiterates his commitment to quality basic education
  • July 28, 2017
PASIG CITY, July 28 – President Rodrigo Roa Duterte (PRRD) reaffirmed his strong support for quality basic education during his 2nd State of the Nation Address (SONA) last July 24, highlighting the continuous empowerment of young and adult Filipino learners through wider and better access to academic and skills enhancement.   "In our bid to accelerate human capital development, we seek to ensure lifelong opportunities by enhancing the quality of and access to education and training programs… We have sustained investments in higher education and committed to the full implementation...Read more
Info officers, media turn PWD advocates
  • July 28, 2017
SAN FERNANDO CITY, July 28 (PIA) – Thirty government information officers and media practitioners in Ilocos region turned Persons with Disabilities (PWDs) advocates after undergoing a Basic Sign Language Training on Tuesday, July 25 at the Dacanay Hall, City Hall, here. The training, spearheaded by the Philippine Information Agency (PIA) Region 1, aimed to equip communicators, both from the private and public sectors with basic knowledge in sign language which shall bridge the gap when they deal with clients specifically with those with hearing impairment. “As media practitioners, i...Read more
Grade 12 learner emerges as most bemedalled athlete for PH in the 9th ASEAN Schools Games
  • July 27, 2017
    PASIG CITY, July 27 – Maurice Sacho Ilustre, Grade 12 student from De La Salle, Zobel emerged as the most bemedalled athlete for Philippines as the 9th Association of South East Asian Nations (ASEAN) Schools Games (ASG) came to a close.   The Filipino tanker sealed his ASEAN Schools Games campaign with four golds in boys 200m butterfly (2:03.67), 200m freestyle (1:53.21), 100m freestyle (52.23), and 100m butterfly (55.97). He also bagged two silvers in the 400m freestyle (4:05.44) and 50m butterfly (25.61).   Ilustre swept all of his seven events in last May’s...Read more
MSMEs competitiveness enhanced
  • July 27, 2017
MANILA, July 27 -- Labor Secretary Silvestre Bello III yesterday said that the Department of Labor and Employment (DOLE), on its first year under the administration of President Rodrigo Duterte, has equipped micro, small, and medium enterprises (MSMEs) with knowledge and skills on productivity to enhance their competitiveness.   Through the National Wages and Productivity Commission (NWPC) and the Regional Tripartite Wages and Productivity Boards (RTWPB), DOLE has assisted MSMEs in implementing productivity improvement programs through the NWPC Productivity Toolbox.    Producti...Read more