Gov't 'squarely behind' small businesses, finance chief says


Posted at Aug 09 2017 10:26 AM

MANILA - Government will support growth in micro and small businesses, Finance Secretary Carlos Dominguez said Wednesday, as he touted "substantial accomplishments" under President Rodrigo Duterte's economic agenda.

Dominguez noted that small businesses comprise 99.6 percent of all enterprises in the country and account for 63.7 percent of the total workforce.

"This important sector musts speak with a strong voice. Government policies must be squarely behind your success," he said.

The Department of Trade and Industry has rolled out a P1-billion loan fund for small businessmen to spur commerce in the countryside and fight loan sharks and shadow lender.

Dominguez said he hoped robust economic growth would be sustained. Gross domestic product grew 6.4 percent in the January to March period, one of the fastest in Asia.

He also renewed his pitch for tax reform, which will help fund the government's P8-trillion infrastructure program.