MANILA, Philippines — The government recognized outstanding Micro, Small, and Medium Enterprises (MSMEs) on Wednesday as the Presidential Awards for Outstanding MSMEs returned after its 15-year hiatus.
The event is an initiative spearheaded by the Department of Trade and Industry’s (DTI) MSME Development Group where only 100 percent Filipino-owned industries are eligible to join, given that they are evaluated based on the following factors:
- Market development
- Technology and innovation
- Human resource development
- Sustainability
- Community linkages and environmental impact
- Financial management.
“MSMEs are the lifeblood of our nation’s economy. With over 1.1 million business establishments, they drive innovation, create jobs, and fuel growth across the country. Today, we are recognizing seven outstanding small and medium enterprises, each representing their respective major island groups,” said Trade and Industry Secretary Alfredo Pascual.
READ: Unlocking MSMEs’ full potential
The said recognition is pursuant to the Republic Act 9501 or the Magna Carta for MSMEs. The law aims to strengthen, develop, and promote MSMEs in the country.
“For MSMEs to fully realize their potential to power the economy, we must enable them to scale up: to help the micro become small, the small become medium, and the medium enterprises to join the ranks of the country’s large corporations,” said MSME Development Council Vice Chairperson and Go Negosyo founder Joey Concepcion on a statement released Sunday.
READ: PH gov’t’s recognition of MSMEs essential to their growth – Concepcion
Undersecretary Ma. Cristin Roque, who leads MSME Development Group, recognized the essence of Filipino MSMEs in uplifting the country’s economy, saying that “this initiative is aligned with the vision of ‘Bagong Pilipinas’ as it celebrates the resilience and innovation of MSMEs and recognizes their vital role in the country’s economic growth.”
Two out of seven finalists coming from Luzon, Visayas, and Mindanao were recipients of the said presidential awards. Davao-based Malagos Chocolate won under the Medium Enterprises category while the Negros Oriental-based Kawayan Collective won under the Small Enterprise category.
The other finalists were HeySuccess Virtual Assistance Services from Northern Luzon, Ai-She Footwear and Tropical Palm Herb Manufacturing from Southern Luzon, Jojie’s Bakeshop from Visayas, and Nelly Coffee and Tablea from Mindanao.
President Ferdinand Marcos Jr. also announced at the event that he will be implementing an Executive Order to institutionalize the MSME Development Plan 2023-2028 to outline goals and activities for involved industries.