DTI seeks higher budget for MSMEs, women entrepreneurs

The Department of Trade and Industry (DTI) is requesting a higher budget to support micro, small, and medium enterprises (MSMEs), aligning with President Ferdinand Marcos Jr.'s commitment to provide low-interest loans.

Trade Secretary Ma. Cristina Roque highlighted the importance of funding for MSMEs during a Post-State of the Nation Address forum in San Juan City on Tuesday, emphasizing that among the expected beneficiaries are women entrepreneurs and creative industries.

Roque noted that most MSMEs already have products but lack capital to promote them, underscoring the need for financial support to boost these sectors.

President Marcos reiterated his pledge to continue providing low-interest loans and no-collateral financing for entrepreneurs in his fourth State of the Nation Address on Monday, July 28.

The DTI aims to request funding from Congress without specifying an exact amount, though Roque indicated they could seek more based on presidential directives. The department also launched a P1-billion Women Enterprise Fund to support female entrepreneurs.

Roque stressed that MSMEs make up 99.5% of businesses in the Philippines and employ around 62% of the labor force, underscoring their crucial role in the economy and potential to drive economic growth through creative industries.

The Trade Department is working to ensure adequate funding for micro-enterprises to help them grow beyond their current scale and contribute more significantly to the country's gross domestic product.