President Rodrigo R. Duterte has approved the micro, small, and medium enterprise (MSME) Development Plan 2017-2022 designed to encourage more Filipinos to engage in entrepreneurship.
In his Executive Order No. 50 signed on April 4, Duterte has directed all concerned government agencies and instrumentalities, including government-owned or –controlled corporations (GOCCs) and local government units (LGUs), to adopt and implement the plan.
The approval of the six-year MSME Development Plan was in line with Republic Act No. 6977, also known as the Magna Carta for MSMEs, which created the MSME Development (MSMED) Council tasked to review existing policies on MSMEs growth and development.
The law provides that the MSMED Council shall craft plans and programs that would make the Philippines’ MSME sector “more globally competitive”.
The Department of Trade and Industry and the Bureau of MSMED, as Council Secretariat, shall be prepare, coordinate and work with implementing agencies to be able to come up with effective policies, programs and projects.
The participating government agencies and instrumentalities, GOCCs and LGUs shall provide funding for the MSMED implementation.
“The implementation of programs under the Plan may be also be applied for funding under the MSMED Council Fund, subject to approval and availability thereof,” the E.O. read.
“The monitoring of outcomes and implementation shall be reported to the MSMED Council,” it added.
The MSME Development Plan shall form part of the Medium Term Philippine Development Plan (MTPDP). (PNA)