Ilocos Region: The Department of Science and Technology (DOST) announced on Tuesday that its Small Enterprise Technology Upgrading Program (SETUP) has resulted in PHP1.18 billion in gross sales, translating to a 33.77 percent return on investment for micro, small, and medium enterprises (MSMEs) in the Ilocos Region in 2024.

According to Philippines News Agency, during a forum organized by the Philippine Information Agency, DOST 1 (Ilocos) Director Teresita Tabaog revealed that the program funded 42 projects in the region last year with an investment of PHP35 million. In prior years, 48 projects in 2023 and 44 in 2022 received funding amounting to PHP35.57 million annually.

These projects achieved significant financial returns, generating PHP1.04 billion with a 29.37 percent return on investment in 2023, and PHP671.55 million with an 18.88 percent return in 2022. The projects predominantly involved sectors such as manufacturing, food processing, agriculture, and metals and engineering, as stated by DOST Regional Program Management Office head Adelisa Florendo during the forum.

In 2024, SETUP also contributed to the creation of 264 jobs, according to DOST. The initiative serves as a nationwide strategy that encourages and supports MSMEs in adopting technological innovations to enhance their products, services, and operations, thereby boosting productivity and competitiveness.