Cebu LGUs urged to develop, help MSMEs in their areas
Capitol to hold 3rd leg of MSME Incubator and Accelerator program
Local government units (LGUs) of Cebu province are encouraged to help spur the growth of micro, small and medium enterprises (MSMEs) in their localities, which would benefit them as well.
Benjamin Joseph Yap, head of the Cebu Investment and Promotions Office (CIPO), made this call to the local officials of the 53 towns and cities of the province amid the launch of the Cebu provincial government’s training and mentorship program for MSMEs in the province.
Yap was referring to the Capitol’s MSME Incubator and Accelerator Program, which was launched last Oct. 5 which was availed of by 250 entrepreneurs.
The program covers three legs, where the participating entrepreneurs will be taught financial literacy, entrepreneurship and the rudiments of growing their businesses.
Yap said the program was Capitol’s way of supporting MSMEs and making sure that they would have the capabilities to run and grow their businesses.
“This is one of the programs that we are rolling out for the MSMEs because they consist 99 percent of the business sector in the Philippines, they contribute a lot to the economy, and they employ many of our fellow Cebuanos,” he told reporters at the sideline of a business-related event in Cebu City last week.
Today (Oct. 17), is the last leg of the program where the participants will be taught how to grow their businesses.
According to the Department of Trade and Industry (DTI), MSMEs comprise 99.6 percent or 942,925 out of 946,987 businesses in the country. Of this figure, 89 percent are micro, 9.2 percent are small, and 0.4 percent are medium.
Most of them are into wholesale and retail, accommodation and food, and manufacturing, generating 62 percent of the total employment in the country and 35 percent of gross value-added in the economy.
The Capitol’s program is done in collaboration with the Social Enterprise Development Partnerships, Inc. (SedpiI), a private Manila-based organization that focuses on micro-finance, entrepreneurship, and financial education, as well as Oxfam.
35 to be chosen
Yap said that among the 250 training participants, 35 would be picked for a one-on-one mentorship program with Sedpi coaches, which would run for six months.
“The things that they will learn, they will be able to use for their businesses to grow,” he added.
He said this program was the first of its kind for MSMEs that the CIPO has launched.
Yap said that the mentorship component would provide the mentees insights on marketing, networking, financial capability, product development, and all the other aspects of entrepreneurship.
Last Oct. 7, the DTI also launched the Kapatid Mentor Me program in Cebu where 24 entrepreneurs were chosen to undergo a 12-week mentorship program with 30 Go Negosyo coaches and members of the Cebu Chamber of Commerce and Industry.
Other areas in the country where the DTI program was rolled out earlier include Iloilo, Zamboanga, Cavite, Tacloban, Cagayan de Oro, General Santos and Davao.
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