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The Department of Trade and Industry proposed a P25-billion to P39-billion industry support package for small, medium and large companies for the next three years.
Trade Secretary Ramon Lopez said the SMaRT program, or “Securing Manufacturing Revitalization and Transformation,” is performance-based, targeted, transparent and time-bound.
“We’ve proposed this program to various stimulus packages. Unfortunately, because of the fiscal strain, the government’s limited budget cannot accommodate this program at this point in time,” he said during the second-day of the Metro Manila Business Conference.
The program will render technical support to companies to level up to global competition.
Global value chain upgrading and adoption of industry 4.0 technologies to catalyze manufacturing growth and the economy will be supported by the program.
Other activities qualified for fiscal and non-fiscal support from SMaRT include commercialization of innovation and research and development; development of emerging industries, clusters and activities that would address gaps in supply value chains; and industrial development in rural areas.
The DTI said support would come in the form of soft loans, incentives which can be vouchers and/or tariff support, grants, subsidies and assistance standards.
Lopez said the DTI already approved P1.37-billion loans from 17,170 applications of small businesses nationwide that were seriously impacted by the COVID crisis.
Around 24,203 active applications were filed under the COVID-19 Assistance to Restart Enterprises or CARES program with a combined value of P3.76 billion.
Lopez said the government would continue to fund ways to accommodate request for loans especially from MSMEs.
MMBC National Capital Region pooled together business people from the country’s prime metropolis to share and address the challenges faced by members in these unprecedented times.
The Philippine Chamber of Commerce and Industry organized the MMBC in coordination with partner groups.
