MANILA, Philippines - The Department of Trade and Industry (DTI) is planning to spend P700 million next year for its Shared Service Facilities (SSF) program, which is intended to support micro, small and medium enterprises (MSMEs).
“We proposed P700 million in our budget for the SSFs next year,†DTI Undersecretary for Regional Operations and Development Group Zenaida Maglaya told reporters at the sidelines of the Asian Development Bank’s Second Inclusive Business Forum for the Philippines held yesterday.
She said the plan is to provide a total of 700 SSFs nationwide next year.
“We can have more than 700 depending on the value of the SSFs,†she added.
For this year, the DTI has allocated P700 million for the SSF program.
Maglaya said that currently, less than half of the funds allotted for this year has already been used to launch SSFs in different parts of the country.
The balance, she said, would be used to fund other SSFs being proposed.
“We have enough proposals,†she added.
The SSF program is being implemented by the DTI to support MSMEs, particularly those in the countryside, to help them in their production of goods and allow them to compete with other businesses.
The program involves providing processing equipment housed in facilities of private sector partners.
The facilities and equipment are made available for the common use of several MSME groups or cooperatives.
The DTI wants to help MSMEs as they contribute to job generation and economic growth.
According to the DTI, more than 90 percent of the registered businesses in the country are MSMEs.