QUEZON CITY (PIA) – Trade and Industry (DTI) Secretary Fred Pascual, who participated and spoke at the “MSME’s Going Global” session at the World Economic Forum (WEF) in Davos Switzerland, shared the country’s initiatives to help micro, small, and medium-sized enterprises (MSMEs) improve productivity and increase market reach through financing programs, digital tools, and technology. 

“One of our top priorities is to usher MSMEs’ digital transformation. Digitalized MSMEs will be able to reduce operational costs, reach larger markets, and increase productivity. Aside from this, we also encourage consumers to patronize our Go Lokal project, which also enables MSMEs to have a wider market reach. As MSMEs grow, they contribute to our overall economic development, that is why it is important that the government empowers them,” the Secretary said. 

During the 29th APEC Economic Leaders’ Meeting (AELM) Retreat Session in November 2022, President Ferdinand R. Marcos Jr said the revitalization of MSMEs is one of the top priorities of his administration, considering their role as catalysts for economic regeneration, job creation and poverty reduction.

Moreover, on the sidelines of the WEF-organized sessions, Pres. Marcos and Sec. Pascual met with Mr. Gary Nagle, Chief Executive Officer (CEO) of Glencore, to discuss the company’s interest to expand mining and processing operations in the Philippines.

Glencore, a Swiss multinational company, is one of the largest and globally diversified natural resource companies in the world. They see the Philippines as a potential partner to process nickel and copper resources responsibly and sustainably for use in electric vehicle batteries and energy storage units, among others.

During the Indo-Pacific Business Forum on 12 January held at the Peninsula Manila Hotel, Finance Secretary Benjamin Diokno, said that the mining industry holds the greatest potential to be a key driver in the country’s recovery and long-term growth, especially that now, world metal prices are high.

The Philippines, he said, is one of the world’s most richly endowed countries in terms of mineral resources. As such, this is a great time to harness the potential of the extractive sector to drive long-term economic expansion while being committed to making the country competitive in the semiconductor and electronics industry.

The semiconductor and electronics industry is the top contributor to the Philippines’ manufacturing sector and represents its largest export sector.  (DTI / PIA-NCR)