2.5 million jobs created by MSMEs, says Remonde
Iloilo City (17 June) -- Some 2.5 million jobs have already been created under the micro, small and medium (MSME) enterprises said Press Secretary Cerge Remonde.
According to the Malacanang press report, Secretary Remonde said during the 40th National Marketing Conference, that various programs and initiatives are being undertaken by the government to cope with the impact of the global economic slump.
The government, he said, is continuously providing financing support for micro, small and medium (MSME) enterprises as one way to boost the sector's growth which is crucial in sustaining the country's strong economic performance.
Secretary Remonde said the MSME financing program has lent P305.57 billion to 5.6 million small but promising business beneficiaries since 2004.
Around 99.6 percent of all registered companies in the country are MSMEs and account for 70 percent of employment nationwide.
The value-added contribution of the MSMEs to the economy is targeted to reach 40 percent by 2010, the report disclosed.
Apart from assistance for the MSMEs, Remonde further said the government is investing trillions of pesos to develop infrastructure in the next decade to help achieve growth and raise the country's competitiveness in the international arena.
"Roads and bridges are built in support of the government's thrust of linking the entire country through an effective transport network that would open up new economic opportunities, reduce logistic costs and increase access to social services," Remonde said.
The Press Secretary also said billions of pesos have been poured into training of workers which, President Gloria Macapagal-Arroyo said, is part of the human infrastructure in the education and health care sectors, the Malacanang press report disclosed. (PIA6/TV) [top]