Duterte lauds ABAC initiative to empower MSMEs
Posted: 2017-Nov-14 11.00.01 UTC+0800
MANILA — President Rodrigo Duterte on Monday said the Philippines fully supports the ASEAN Business Advisory Council's (ABAC) strategic action agenda to empower micro, small and medium industries (MSMEs) towards greater participation in the global value chain.
In his speech during the ASEAN Leaders' Interface with the ABAC, Duterte said MSMEs play an important role in the economy and improving their operations will lead to inclusive growth and prosperity for all.
"MSMEs are considered game changers as they can offer more options in the market and their presence also eliminates monopoly of trade and fosters healthy competition in the industry," he said.
As this year's ASEAN chair, the Philippines has been in the forefront of advocating for the empowerment of MSMEs.
The Duterte administration believes that MSMEs, which account for 95 percent of registered enterprises in the Philippines, holds the key to inclusive growth.
The President said he believes that mentorship, money, and markets are pre-requisites in ensuring the success and sustainability of any business enterprise.
"That is why I support your strategy of strengthening and integrating these three Ms as one cohesive approach in empowering micro, small and medium industries,' he said.
"I likewise support the three interlocking elements that bind your Ms together, which are inclusive business, hard and soft connectivity, infrastructure and a conducive policy environment for MSMEs," Duterte said.
The President also expressed his appreciation to ABAC chair Jose Ma. Concepcion III, and to the members of the Council for their efforts in harnessing private sector feedback and inputs.
"I am particularly pleased to note your tremendous effort to forge alliances with big businesses, both at the national and across ASEAN to champion inclusive business," Duterte said.
On Sunday, ABAC launched the ASEAN Mentorship for Entrepreneurs Network (AMEN), a mentorship program for MSMEs.
The program to will harness the time, resources and business solutions of successful entrepreneurs and corporations from the 10-member ASEAN to help improve the operations of MSMEs across the region.
"We are eager to work and partner with you to prepare the MSMEs as a bridge to open pathways toward global value chains," Duterte said.
He likewise reiterated the support of the ASEAN leaders to ABAC in reenergizing the ASEAN Economic Community (AEC).
"We urge the ASEAN secretariats and all the consultative working committees under the economic pillar of ASEAN to work closely with the ASEAN BAC and its partners to fast track AEC reforms, especially the so-called low-hanging fruits," he said.
"In conclusion, we commit our deep resolve in putting our collective leadership behind your strategic action agenda. The ASEAN way and your call for prosperity for all should now become one and synonymous," Duterte said. (PNA)