“MSMEs are substantial contributors to the country’s economic growth, trade, employment, innovation and poverty alleviation.” ~ – Usec. Zenaida Maglaya
The Department of Trade and Industry (DTI) Regional Operations Group Undersecretary Zenaida Maglaya highlighted the department’s vision of more globally competitive MSMEs during the 1st
MSME Conference. These MSMEs, said Usec. Maglaya, are regionally integrated, resilient, and sustainable key drivers of the country’s economic growth.
To achieve this, the MSME Development Plan 2017-2022 was pursued to improve business climate, improve access to technology and innovation, and improve access to market. According to Usec. Maglaya, DTI has been actively advocating the seven-point strategy called “7Ms of Successful Entrepreneurship” as guide for MSME growth. The 7Ms are as follows:
- Mindset Change: infusing an entrepreneurial mindset, that is, “success through Negosyo Center seminars, the SME Roving Academy and the Kapatid Mentor ME Program.”
- Mastery: teaching the know-how and how-to’s of entrepreneurship.
- Mentoring: coaching and mentoring from the industry experts on different aspects of business operations for FREE.
- Money: access to funding through P3 (Pondo sa Pagbabago at Pag-asenso) microfinance program.
- Machine: equipping MSMEs to musthave knowledge on equipment and right tools to ensure quality production under the Shared Services Facility (SSF).
- Market Access: promoting of products through One Town One Product (OTOP) shows, Go Lokal! Retail stores and FAME exhibits.
- Models of Negosyo: giving business ideas from traditional enterprises to direct selling to franchising.
To sum up, Usec. Maglaya calls for the support from the private sector, non-governmental organizations, academe, businesses and corporations to join hands and help empower and foster the MSMEs to
ensure the attainment of the department’s goal of creating inclusive growth and shared
prosperity for all.