More flexibility in MSME policy

THE Manila Times' Microenterprise Forum held on Thursday at the Ascott Makati provided a number of positive takeaways, providing some dimension to what most of us already knew: The Philippines' micro, small and medium enterprise (MSME) sector is a vibrant and growing part of the economy, and offers virtually limitless opportunities. Reassuringly, the government clearly understands the importance of the MSME sector, and has worked hard to craft policies and programs to support it. Some evidence for the resilience of the MSME sector and the success of government policies to support it can be found in the surprising statistic that, at the height of the economic downturn during the Covid-19 pandemic, new business registrations actually increased by 42 percent, which consequently helped the economy recover more quickly than expected.