According to the 2019 List of Establishments of the Philippine Statistics Authority (PSA), there is a recorded total of 1,000,506 business enterprises operating in the country. Of these, 995,745 (99.5 percent) are MSMEs and 4,761 (0.5 percent) are large enterprises. Over the past year, however, the majority of these once flourishing local businesses faced challenges and financial setbacks brought on by the pandemic.
To help startup enterprises and MSMEs overcome these challenges, Citi Foundation and Bayan Academy launched the Citi Foundation Microenterprise Development Center (CMDC) Creativity and Innovation Hub. Funded by Citi Foundation, the CMDC Hub aims to contribute to nation-building by empowering those at the grassroots with a more financially and socially inclusive environment.
“We are grateful for the long-standing partnership that Citi has had with Bayan Academy. Over the past 10 years, CMDC has developed numerous programs that contributed in growing the businesses of more than 6,700 MSMEs. Citi is proud to be part of these efforts to build a more inclusive society. Despite the challenges brought upon by the pandemic, Citi Foundation continues with its mission to promote economic progress and improve the lives of people in low-income communities around the world,” said Aftab Ahmed, Citi Philippines chief executive officer.
Department of Trade and Industry (DTI) Undersecretary for Competitiveness and Innovation Rafaelita Aldaba spoke about the timely launch of the CMDC Hub and its alignment with DTI’s innovation and startup policies and programs, “Amid the disruptions from the technologies arising from the 4th Industrial Revolution and the challenges brought about by the pandemic, the need for our enterprises to become more creative, more innovative and resilient is critical to the country’s economic recovery and sustained growth.”
For those interested to enroll in the CMDC Hub workshops, visit www.cmdchub.com