ANGARA URGES GOV'T TO SUPPORT MSME'S FOR JOB
AND INCOME GENERATION

Senator Edgardo J. Angara applauded micro, small and medium enterprises (MSME's) for their invaluable, though often overlooked, contribution to the Philippine economy.

He pointed out that MSME's account for 99.6 percent of all registered businesses in the country and employ 70 percent of the country's workforce. MSME's also produce about 30 percent of the Philippines' total output.

"MSME's are the real backbone of our economy. People do not realize that your businesses have greater direct impact on Filipinos' lives than do big players," said Angara during the Philippine Home-Based Business and Career Summit Expo 2011 on Friday.

"But more than this, MSME's provide opportunities to those who could not have started businesses otherwise. Studies have shown that through MSME's, disadvantaged members of society, like the elderly and disabled, are able to earn income. In fact, about 30 percent of the poor in our country have turned to entrepreneurship to get by," he added

Angara also encouraged MSME's to continue improving the quality of novel and original products that cannot be matched by commercial players.

"Balikbayans who come home to Aurora buy locally made peanut butter and bring them back to the United States, which is the number one peanut butter producer in the world. Why? Because the peanut butter produced by the townsfolk of Aurora is much better. Small producers provide quality that big companies cannot."

To become more competitive, Angara advised small-scale entrepreneurs to link up with universities and the Department of Trade and Industry (DTI) to help them make new products and enhance existing ones through packaging, marketing and quality assurance, as well as with the Department of Science and Technology (DOST) for new technologies to enhance productivity.

An Asian Development Bank (ADB) study shows that 50 percent of innovations during the 20th century were generated by new and small firms.

"Universities provide vital incubation support for start-ups, and are great sources of skills training, product improvements and process enhancements that will let you boost your business potential," said Angara.

Angara also assured MSME's of the support of the Congressional Commission on Science, Technology and Engineering (COMSTE), which he chairs. "We have begun supporting several business incubation ventures with the University of the Philippines, and we will continue doing this. We are also looking into policies that could provide additional support to MSME's."