Acting DTI chief bares 5-point plan for MSMEs

Acting Trade and Industry Secretary Ma. Cristina Aldeguer-Roque

MANILA, Philippines — Trade and Industry Acting Secretary Cristina Aldeqguer – Roque on Saturday bared her five-point plan for micro, small, and medium enterprises (MSMEs) and underscored the need to support and strengthen the business sector in the country.

“We need to put effort to be able to level up this business sector and we should be able to find a way for them to earn or to generate income because once they generate income, it’s an instant thing you see, generation of income. If we push the MSME sector, we will be able to generate jobs instantaneously and we’ll be able to generate income instantaneously,” said Roque in the Saturday News Forum. 

According to DTI, small businesses make up 90 percent of enterprises in the country, employing about 64 percent of the labor force.

Aldeguer-Roque’s five-point plan covers utilization of AI (artificial intelligence) and digitalization, diversification, funding the business sector, franchising, and mentoring and providing strategic learning.

Roque emphasized that digitalization and utilization of AI will streamline information dissemination across the country. 

“Instead of putting time and effort to replying to different text messages or inquiries, we can use AI to be able to do this part while we focus on growing our business,” said Roque.

She pointed out that diversification will allow MSMEs to have another source of income and recuperate from any losses and that “by using the same asset and direction, you can really grow the business by diversifying.”

Funding MSMEs is also part of the five-point plan, Roque served aschairperson of the Small Business (SB) Corporation which offers loans for MSMEs.

Roque explained that funding may come from purchase order financing, franchise funding and factoring. 

She also said that MSMEs should be open to the idea of franchising from the top franchising business in the country. 

“Kung minsan, ‘yong negosyo natin, nasa sunset industry na so nagstagnanate na or palubog na. So imbes na kukuha tayo ng funding para ibring up ‘yong negosyo, we can use the funding for franchising.”

(Sometimes, our businesses are in the sunset industry so it becomes stagnant. So instead of getting funding to bring up the business, we can use the funding for franchising.)

Lastly, Roque said that mentoring and strategic learning are important for MSMEs by having proper ways to acquire knowledge on their products and therefore utilize ways to grow them. She also noted the importance of having mentors coming from the MSMEs.

President Ferdinand Marcos highlighted the contribution of Roque in the business sector in appointing her as acting DTI chief.

She also served as DTI Undersecretary for MSME development group.