DTI advances MSMEs at 2023 turning point
The Marcos administration has made significant efforts to improve the ease of doing business in the Philippines. This has made the country a more attractive destination for foreign investors.
Daily TribuneThe Marcos administration has made significant efforts to improve the ease of doing business in the Philippines. This has made the country a more attractive destination for foreign investors.
The Department of Trade and Industry marked 2023 as a turning point for the country's economic growth under the Marcos administration.
The department has achieved significant milestones in various areas, including record-breaking investments, support for micro, small, and medium enterprises and a strong push for innovation.
One of the most notable achievements of the DTI in 2023 is the record-breaking P1.16 trillion in investments approved by the Board of Investments. This significant increase is attributed to several factors, including strategic efforts by the agency.
The department has undertaken several initiatives to attract foreign investments, such as investment missions, the ASEAN-Japan Business Week, and the Europe Investment Roadshow. These efforts have successfully brought in foreign giants from Germany, the Netherlands, Singapore and the US to invest in crucial sectors of the economy.
Improved investment climate
The Marcos administration has made significant efforts to improve the ease of doing business in the Philippines. This has made the country a more attractive destination for foreign investors.
The Philippines has enjoyed strong economic growth in recent years, with a GDP growth rate of 6.5 percent in 2022. This strong economic performance has made the country a more attractive investment destination.
The DTI, nonetheless, has also placed a strong emphasis on supporting MSMEs, which are the backbone of the economy.
Among the key initiatives in this area included the launch of the Philippine E-commerce Platform, or PEP: This first government omnichannel platform connects Filipino businesses with online consumers, helping them expnd their reach and tap into the growing e-commerce market.
MSME data pivotal
This cloud-based tool helps the DTI track the growth of MSMEs and provides valuable data that can be used to develop targeted support programs.
Implementation of the One Town, One Product Philippines program: This program provides support to local entrepreneurs in developing and marketing unique products that are rooted in their culture and community.
Launch of the Philippine Export Development Plan 2023-2028: This plan outlines strategies to boost the Philippine export industry in terms of infrastructure, ease of doing business, promotion and marketing, and financing.
The DTI recognizes the importance of innovation in driving future economic growth. In this regard, the department has undertaken several initiatives, including the development of the National Artificial Intelligence, or AI, strategy roadmap that aims to make the Philippines an AI Center of Excellence and accelerate the adoption and utilization of AI in the country.
The DTI is supporting the adoption of Industry 4.0 technologies, such as artificial intelligence, robotics, and the Internet of Things, or IoT, by Filipino businesses. This will help businesses to improve their efficiency, productivity, and competitiveness.
The DTI is also committed to protecting consumers in the digital age. The department has taken steps to streamline dispute resolution.
The DTI has launched the Online Dispute Resolution System and the DTI Consumer Complaints Assistance and Resolution System to make it easier for consumers to resolve disputes with online businesses.
Ensuring data privacy was also : The DTI is working to ensure that consumers' data is protected when they shop online.
Aid to key clusters
The DTI is also focused on developing key industry clusters, such as aerospace and semiconductor industries.
It is working to attract foreign investments and strengthen domestic capabilities in these high-growth industries.
The DTI is also leveraging the Philippines' talented workforce to develop the Information technology.
The construction of the first vaccine manufacturing plant in the Philippines will ensure preparedness for future health crises.