President Ferdinand Marcos Jr. said on Wednesday that he will issue an Executive Order institutionalizing the Micro, Small, and Medium Enterprises (MSME) Development Plan 2023-2028 to foster a dynamic industry ecosystem for our businesses.

In his speech during the 2024 awards for outstanding MSMEs and Presidential recognition for outstanding development partners, Marcos said the comprehensive development plan would further empower entrepreneurs as MSMEs play a crucial role in the Philippine economy.

"The government — through the (Department of Trade and Industry) — will continue to lead the MSME Development Council in formulating a comprehensive strategy that will foster a dynamic industry ecosystem for our businesses," Marcos said.

MSME Development Plan 2023-2028 focuses on improving the business environment, enhancing skills and innovation, and expanding market access for MSMEs.

Meanwhile, Marcos called for collaboration between the government, MSMEs, and the public to ensure the success of the plan.

"So, let us collaborate on this endeavor and remind ourselves that the way forward for MSMEs lies in our ability to innovate, collaborate, and to persevere," Marcos said.

"Let us remember that we sustain our patronage of, support for, and solidarity with our local businesses. For every enterprise that we support, every innovation that we foster, and every product that we bring to the market, we create the opportunities for our fellow Filipinos to succeed and to build inroads for our economy to thrive and to prosper," Marcos added.

MSMEs in the Philippines comprise 99.59 percent of the total establishments, highlighting their huge impact on employment and livelihood. At least 1,105.143 out of 1,109,689 total business enterprises are MSMEs. 

The Presidential Awards for Outstanding MSMEs was launched by the DTI during the National MSME Summit 2023. It was renamed from Outstanding MSME Awards to its current name pursuant to Republic Act 9501, or the Magna Carta for MSMEs.