493 MSMEs equipped with biz skills at National MSME Summit 2024

A total of 493 micro, small, and medium enterprises (MSMEs) gained practical, timely knowledge to grow and succeed in business at the National MSME Summit 2024 held at Music Hall, SM Mall of Asia, Pasay on 13 July 2024.

This entrepreneurial know-how included key steps, creative approaches, and innovative solutions in different business areas such as saving, financial management, investment, product promotion, expansion, up to business maintenance amid highly competitive, demanding market in the country.

The information was delivered to the aspiring crowd through lively lectures from, and panel discussions among, famous online content creators, information technology mavens, financial experts, investment gurus, business executives, and successful Filipino entrepreneurs.

Department of Trade and Industry (DTI) secretary Alfredo E. Pascual expressed the pivotal role MSMEs play in the Philippine economy.

“Since their modest beginnings, MSMEs have become a crucial part of our nation’s economy,” emphasized Pascual.

"By empowering our MSMEs, we unlock the full potential of a thriving, inclusive, and sustainable Philippine economy,” he added.

MSMEs, described by the commerce secretary as “the bedrock of the country’s economy”, are business activities or entities operating in industry, agribusiness, or services regardless of business structure, that is, whether sole proprietorship, partnership, corporation, or cooperative. Those whose total assets do not exceed Php3,000,000.00 are classified as micro, those having Php3,000,001 to Php15,000,000.00 are small, and those with Php15,000,001 to Php100,000,000 are medium.

DTI undersecretary for the MSME Development Group Ma. Cristina A. Roque underscored the dominance of MSMEs in the Philippine commerce.

“MSME comprises 99% of the businesses in the Philippines. Definitely, it’s very important for the business in the Philippines, and it’s very important for the economy,” highlighted Roque.

Among the speakers who shared their success stories and expertise to the audience were Angkas chief operating officer and cofounder George Royeca, financial literacy coach Chinkee Tan, actress and businesswoman Isabelle Daza, business executives from leading companies, and other government officials.

The summit also offered more learning opportunities to entrepreneurs that will be administered by the government in the near future.

The event also recognized most inspiring MSME owners across the country for year 2024. These entrepreneurs demonstrated perseverance and resilience, and pursued noble objectives all leading to their remarkable success in business.

This year’s MSME summit, with the theme “Innovate to Elevate: Empowering MSMEs for Sustainable Growth”, aimed to update Filipino MSMEs and harness their capabilities both in business operations and digitalization to thrive in the ever-evolving Philippine market. It was organized by Go Negosyo; Micro, Small, and Medium Enterprises Development Council; Bagong Pilipinas; and DTI.

More than 1,500 individuals took part in the event face-to-face.

The 493 MSMEs present at the summit did not include those who joined online through the DTI’s Facebook livestreaming.

Click here for more photos.