MANILA (UPDATE) — President Ferdinand Marcos, Jr. on Friday assured small business owners that the administration would prioritize the revival of micro, small, and medium enterprises (MSMEs) as the country slowly recovers from the impact of the COVID-19 pandemic.

The President said government was keen on working with stakeholders to ensure that it could create a "sustainable environment" for the MSME sector.

"I assure you that the revitalization of our MSMEs is among the administration's top priorities," he said during the Go Negosyo summit at the Manila Hotel.

"I reiterate the government's full commitment to work hand-in-hand with all stakeholders to ensure that MSMEs are protected and provided with ample opportunities not only to recover from these extraordinary times but to grow and thrive in this modern age," he added.

Marcos also assured the public that pandemic strategies are being formulated to make MSMEs more resilient.

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These plans include the improvement of business climate, access to finance management and labor, access to technology and innovation, and access to market.

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Program policies are currently being led by the Department of Trade and Industry's (DTI) MSME council, Marcos said.

"I once again give my utmost assurance and commitment that your government is here to help you level up and succeed especially during this difficult times," he said.

"We will harness the strength of the various sectors to ensure a more cohesive government approach in creating a more sustainable environment for MSMEs and all our important stakeholders."

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International Council for Small Business Philippines President Eric Caeg welcomed the President's support for MSMEs.

Caeg said small businesses would need access to market and finance as many were affected by the pandemic.

He also hopes the government will continue to support small businesses especially as it is also hard to borrow money due to high interest rates.

US SUPPORTING PH MSMEs

During the event, US Ambassador to the Philippines MaryKay Carlson said Washington has helped the Philippine MSME sector through the United States Agency for International Development (USAID).

With the help of its partners, the USAID was able to assist 10,000 MSMEs, as well as grant P40 million to 3,500 small businesses, Carlson said.

"We know that targeted support for small businesses is a critical part of the pandemic response because it bolsters the hard work you are already putting into your enterprises," she said.

Carlson said the US also supports the country's push for digital economy, which is a "strong driver for job generation and boosting incomes."

USAID program Strengthening Private Enterprises for the Digital Economy (SPEED) aims to encourage MSME participation in digitalization.

"We encourage more MSMEs to participate in, and take advantage of, the benefits of the digital economy," Carlson said.

MSMEs are part of the backbone of the economy as the sector will help in economic regeneration, job creation and poverty reduction, Marcos said.

Marcos' legislative priorities include the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE).

GUIDE seeks to aid MSMEs and "strategically important industries" by providing financial assistance to those considered distressed, the President said during his first State of the Nation Address.

The measure will "encourage their continued operations and maintain employment," he added.

— With a report from Jekki Pascual, ABS-CBN News