The Department of Trade and Industry (DTI) intends to spend up to P700 million next year to help micro, small and medium enterprises (MSMEs) produce goods and make businesses competitive, an official said Monday, noting the amount was included in the proposed 2014 budget to cover the shared services facilities (SSF) program.
"We proposed P700 million in our budget for the SSFs next year," Trade Undersecretary for Regional Operations and Development Group Zenaida Maglaya told reporters at the Asian Development Bank's Second Inclusive Business Forum for the Philippines.
"We can have more than 700 depending on the value of the SSFs," Maglaya said, referring to the number of SSF programs.
This year, the department also allocated P700 million for program, bu the Trade official noted a chunk of the money remains unused.
The balance, she said, will be used to fund other SSFs being proposed. "We have enough proposals," Maglaya added.
The DTI program aims to support MSMEs, particularly in the countryside, in producing goods and in competing with other businesses by setting up processing equipment in facilities of private sector partners which the MSMEs and cooperative can use.
More than 90 percent of registered businesses are MSMEs, and the department wants to help the enterprises which generate jobs and contribute to economic growth. – VS, GMA News