DTI highlights efforts to support women entrepreneurs

MANILA, Philippines — The Department of Trade and Industry (DTI) highlighted the agency’s initiatives that support women entrepreneurs, as Trade Secretary Alfredo Pascual acknowledged the important contributions of women in nation-building and economic growth.

“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. For women leaders of MSMEs (micro, small and medium enterprises), 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 said at the Go Negosyo Women Entrepreneurship Summit over the weekend.

“We aim to level the playing field for women by enabling them to grow their businesses,” he said.

Pascual said that women entrepreneurs can be part of DTI initiatives such as Rural Agro-Industrial Partnership for Inclusive Development (RAPID) Growth Project, She Trades Philippines, and Investing in Women in Asia.

The DTI said that there are around 313,608 businesses in the Philippines that are owned or operated by women, a testament to their significant contribution in attaining the country’s goal of robust economic growth and expansion.

Aside from those programs, the DTI also aims to assist women entrepreneurs in their digital transformation, which is also one of the department’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,” the DTI said.

It added that its financing arm Small Business Corp. (SBCorp) releases accessible loans in soft terms.

Aside from this, SBCorp implements other borrowing schemes such as the Pondo sa Pagbabago at Pag-asenso that offers affordable interest rates and charges that suit the capacities of enterprise borrowers with relatively small asset size.

One of the objectives of the Go Negosyo Women Entrepreneurship Summit 2023 is to promote women in innovation and technology, women in trade, inclusive businesses, and women’s leadership and human capital development. It also recognizes women champions who shall serve as role models where more people, especially women can learn from and emulate.

“In the 17 years that we’ve worked closely with MSMEs, we found that women make the most resourceful, creative and determined entrepreneurs. That’s why we make it a point, since early in Go Negosyo’s history, to always dedicate one of our events to honoring women entrepreneurs,” said Go Negosyo founder Joey Concepcion.

The summit will also present successful business models that women can venture into and inspire the next generation of women entrepreneurs and leaders to pursue their dreams, build their businesses and make a positive impact on society.