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Boosting MSMEs: DBM allocates P783 million in 2024 budget

The Department of Budget and Management (DBM) has reaffirmed its commitment to supporting the micro, small, and medium enterprises (MSMEs) sector.

Amenah Pangandaman, Secretary of the Department of Budget, announced that the Department of Trade and Industry’s (DTI) MSME Development Program has been allotted P783 million in the proposed 2024 National Expenditure Program (NEP).

She highlighted that the budget will give priority to bolstering digital advancement and expanding market opportunities for the industry, with a specific allocation of P100 million for this purpose.

Pangandaman emphasized the vital role played by micro, small, and medium enterprises in the nation’s economy. “Our micro, small, and medium enterprises serve as the foundation of our economy.”

She further mentioned the government’s commitment to President Bongbong Marcos’s directive to attract more investments and generate additional employment by fostering competitiveness and innovation, particularly within the MSME sector.

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