San juan city: A higher budget will be allocated for lending to micro, small, and medium enterprises (MSMEs) as the government seeks to empower more businesses and enhance their contribution to economic growth. Trade Secretary Cristina Roque, during a post-State of the Nation Address (SONA) interview in San Juan City, mentioned the government's plan but refrained from specifying the exact figures.

According to Philippines News Agency, Roque highlighted that among the beneficiaries of this initiative would be women entrepreneurs, supported through the recently-launched Women's Enterprise Fund (WEF), and those engaged in the creative industries. Roque emphasized the potential of the creative industries as a significant driver of economic activity, drawing parallels with countries like Korea, where the creative sector significantly boosts tourism and trade.

President Ferdinand R. Marcos Jr., in his fourth SONA on Monday, pledged to provide small businesses with capital at low-interest rates and without collateral requirements. He also promised additional training to increase opportunities and support the sustainability of these enterprises. The President stated, "We will not stop until we're able to help nearly two and a half million poor Filipino families start their own businesses."

Currently, SMEs make up about 99.5 percent of enterprises in the Philippines and employ over 60 percent of the workforce. Despite their significant presence, the sector contributes only around 35 percent to the country's annual economic output. The government's ongoing efforts aim to enhance the role of MSMEs in contributing to the national gross domestic product.