President Ferdinand Marcos Jr. Encourages MSMEs to Embrace Artificial Intelligence
President Ferdinand Marcos Jr. has directed the Department of Trade and Industry (DTI) to introduce micro, small, and medium enterprises (MSMEs) to artificial intelligence (AI)-powered systems. This move is aimed at helping MSMEs adapt to the changing technological landscape and meet the demands of both physical and online markets.
During a sectoral meeting in Malacañang, President Marcos emphasized the importance of equipping MSMEs with modern technology to ensure their competitiveness. He clarified that the goal is not to turn MSMEs into AI or blockchain engineers but to provide them with the necessary skills to effectively utilize the systems that have been made available.
The President’s directive is part of the government’s broader efforts to facilitate ease of doing business for MSMEs. By embracing AI, MSMEs can streamline their operations, enhance productivity, and stay relevant in today’s fast-paced business environment.
The Significance of MSMEs in the Philippines
MSMEs play a crucial role in the Philippine economy. In 2022, they accounted for an impressive 99.59 percent of total establishments in the country, according to the Presidential Communications Office (PCO). Moreover, MSMEs contributed to 65.10 percent of total employment, highlighting their significant impact on job creation and livelihoods.
Recognizing the importance of MSMEs, President Marcos assured them of continuous government support during the National MSME Summit held last year. The government remains committed to providing MSMEs with digital literacy training, as well as support for various e-commerce platforms. These initiatives aim to enhance the efficiency, productivity, and competitiveness of MSMEs in the market.
Forging Partnerships for MSME Development
President Marcos emphasized the need for collaboration between different sectors to address the challenges faced by the MSME sector. These challenges include limited financial and market access, skills development, and technology adoption. To overcome these hurdles, the President urged industry players, experts, and government agencies to adopt a “whole-of-society and a whole-of-government approach.”
By working together, stakeholders can develop viable and efficient solutions that will enable MSMEs to thrive in the modern business environment. President Marcos stressed the importance of equipping MSMEs with the necessary tools, knowledge, and connections to succeed.
The government’s support for MSMEs extends beyond technology adoption. President Marcos highlighted the commitment to provide financial aid for research and development in the agribusiness sector. Additionally, efforts will be made to expand access to financing for MSMEs through the expansion of loan programs, credit guarantee schemes, and the establishment of a credit scoring system to facilitate lending decisions.
In conclusion, President Ferdinand Marcos Jr. has recognized the importance of AI adoption for MSMEs in the Philippines. By equipping these enterprises with modern technology, the government aims to enhance their competitiveness and facilitate ease of doing business. With the support of various stakeholders, MSMEs can overcome challenges and thrive in the dynamic business landscape.
Source: The Manila Times
