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By Ben Arnold O. de Vera, Researcher
Trade Secretary Peter Favila said the Department of Trade and
Industry (DTI) this year would focus on assisting those who might
lose their jobs here and abroad in starting their own businesses in
the country instead.
“I’m convening DTI’s executive committee,
regional directors and officials of DTI-attached agencies and
mobilizing our people to embark on a massive development program
which would help those who might be displaced from their work for
any reasons start their own businesses,” he told reporters.
“DTI would focus on providing livelihood and
employment-generation programs,” he added.
Favila said DTI is already in talks with the
Small Business Corp. and Development Bank of the Philippines for
possible funding schemes, which would assist those who are
interested to become entrepreneurs.
The Trade secretary also said he asked DTI’s
planning office to review the department’s budget to see if they
could realign certain funds to support this business start-up
assistance program. While Favila did not give exact figures, he said
about 10 percent of the agency’s budget could be reallocated for
this project.
According to Favila, the country would still
experience a “modest” economic growth this year, but with the
global recession setting in, the local economy would not expand as
fast as it did in the recent past years as foreign investments are
expected to slow down due to the crisis.
“Foreign investors would still be coming in
but not as fast and as much as they used to,” Favila said.
The Trade secretary said the country’s exports
would be hit by the downturn. “I don’t see that we could still
export to our major [destinations] in the [same quantities] we used
to enjoy. For instance, consumption spending in the US, the UK and
other major markets have gone down.”
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