The government, through the Department of Trade and Industry, is assuring continued support for women entrepreneurs, which currently number about 313, 608 in the country.

During the Women Entrepreneurship Summit 2023 organized by Go Negosyo and the United States Embassy last Saturday, Trade Secretary Alfredo Pascual laid down various initiatives and programs of the DTI in support of women entrepreneurs, which are now at 313,608 in numbers.

“We at the Department of Trade and Industry consider it a priority to empower and support businesses, including micro, small and medium enterprises that serve as the backbone of our economy,” he said.

Initiatives for MSME women leaders

“For women leaders of MSMEs as well as larger businesses, we have designed initiatives that will enable them to overcome and thrive amid barriers in their access to money, mentorship, and the market,” Pascual added in a speech he delivered during the program, which was also graced by First Lady Louise Araneta-Marcos and US Ambassador to the Philippines MaryKay Carlson.

Pascual said part of DTI’s initiatives is to level the playing field for women by enabling them to grow their businesses, through linkages with the Rural Agro-Industrial Partnership for Inclusive Development Growth Project, She Trades Philippines and Investing in Women in Asia.

Besides this, the Trade chief said gov’t will also be assisting women entrepreneurs in their digital transformation, which is also one of the DTI’s top priorities, acknowledging the importance of adopting new technologies as the Philippines enters a new digital era characterized by Industry 4.0 technologies.

Through digitalization, MSMEs would be able to reach wider markets, penetrate online marketplaces, reduce operational costs, and earn more profit, he said.

SBCorp funding

Meanwhile, in support of MSMEs, the DTI, through its financing arm — Small Business Corporation — releases accessible loans in soft terms, which, as of now, have already reached around P1 billion pesos under Bayanihan CARES.