The Philippines will continue its initiative to boost the interests of micro, small, and medium enterprises (MSMEs) to give them the opportunity to gain a foothold in global and regional trade.
“Small and Medium Enterprises (SMEs) play a vital role in the realization of this vision and in the long-term growth of our respective economies and the entire APEC region as they comprise the great majority of businesses. Thus, I consider it very important that our approach includes the interest of SMEs, particularly micro and rural enterprises, as a priority,” Trade Secretary Gregory L. Domingo said in his opening remarks at the opening of the Asia Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) meeting in Boracay.
According to Domingo, MSEs in the Philippines account for 95 percent of all enterprises.
“MSEs are important component of this effort to bolster their ability to take advantage of cross border business opportunities that will boost our economies in the process. Let us note that recognizing the diverse characters and different capacities of SMEs is an important parameter in pursuing interventions that are reflective of and responsive to their needs,” he stressed. “ SMEs are integral parts in our pursuit to enhance regional economic integration and in the attainment of equitable and inclusive growth. When SMEs, which comprise the bulk of manufacturing and commercial establishments, are effectively sidelined, equitable and inclusive growth becomes a myth,” he added.
During the meeting, APEC trade ministers hope to adopt the Boracay Action Agenda to globalize MSMEs.