NAVAL, Biliran, Dec 15 (PIA) –- The micro, small, and medium enterprises (MSMEs) in the country substantially contributes to the country's economic development.
This, said Celerina T. Bato, engineer and Director of the Department of Trade and Industry (DTI)-Biliran provincial during the SMED Congress held recently at the Naval State University.
The congress was attended by members of the provincial Micro, Small and Medium Enterpise Development Council (PSMEDC), representqtives from the Small Business Corporation (SBC), Philippine Health Insurance Corporation (PhilHealth), Bureau of Fire Protection (BFP), and businessmen from the province of Biliran. Bato disclosed that MSMEs contributed in the country's economy particularly in rural development and decentralization of industries, creation of employment opportunities and more equitable income distribution, use of indigenous resources, creation of backward and forward linkages with existing industries, and entrepreneurial development.
Bato added that the MSMEs whose capitalization ranged from P100 million and less represent 99.6 percent of the country's total businesses; 61 percent have provided employment, and 35.7 percent contributed to the value added of the country's economy.
These businesses are engaged in wholesale and retail, manufacturing, hotel and restaurants, real estate, renting and business activities, and other community, social, and personal service activities.
Of the 17 regions of the country, Eastern Visayas ranks 14th in the distribution of MSMEs in the country, according to Bato.
The first ever SMED Congress in the province of Biliran aimed at providing a venue for the government and private MSME development stakeholders to interact and build up mutual understanding of its distinct roles in the programs, activities, and projects for the development of the MSMEs.
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