DTI seeks more funds for MSME financing program

The Department of Trade and Industry (DTI) is requesting additional funding to expand its financing program for micro, small, and medium enterprises (MSMEs).

This follows President Ferdinand Marcos Jr.'s pledge in his fourth State of the Nation Address (SONA) to continue providing capital for entrepreneurs at low interest and without collateral, along with intellectual property protection.

DTI Secretary Ma. Cristina Roque highlighted the crucial need for capital for MSMEs, stating that many possess viable products but lack the necessary funds for promotion and growth.

Last year, the DTI loaned out P10 billion to MSMEs, and the sought-after additional funding will allow them to cover more sectors.

The DTI also launched a P1-billion Women Enterprise Fund to support female entrepreneurs.

Despite MSMEs comprising 99.5% of Philippine businesses, their access to credit is limited, with a significant funding gap estimated by the World Bank.