Department of Trade and Industry (DTI) Secretary Alfredo Pascual presented the Micro, Small and Medium Enterprises (MSME) Development Plan 2023-2028 at a sectoral meeting in Malacañang chaired by President Ferdinand Marcos Jr.
Key officials from the Departments of Agriculture, Labor and Employment, Interior and Local Government, Science and Technology, Budget and Management, Information and Communications Technology and the Office of the President attended the meeting.
The newly-unveiled plan represents the fourth iteration of the national MSME strategy, which continues a legacy of structured economic support through the integration of contemporary digital solutions.
Under the direction of President Marcos Jr., the DTI has been tasked with embedding artificial intelligence (AI) and digital technologies in the plan to fortify MSME capabilities, helping them comply with and excel within the rapidly evolving technological landscape.
“The new MSME Development Plan is more than a policy document; it is a blueprint for the future, ensuring that our enterprises are competitive, innovative, and resilient,” said Pascual. Othel V. Campos
“By focusing on digitalization, we are preparing our MSMEs to meet the challenges of the modern economy and ensuring they continue to be a critical driver of our nation’s growth,” he said.
Pascual noted the pivotal role of MSMEs in the Philippine economy, where they constitute 99.59 percent of all businesses and provide 65.1 percent of total employment.
Developed through extensive consultations with a diverse range of stakeholders, the plan establishes a forward-thinking framework that not only meets the immediate needs of MSMEs but also propels them to the forefront of the digital economy.
President Marcos said the MSME Development Plan woyuld equip businesses with the necessary tools for digitalization and AI, which would further bolster sectors that drive over 65 percent of jobs.
The President said introducing MSMEs to AI systems would streamline business processes, ensuring the ease of doing business in their operations.