A higher budget will be allocated for lending to micro, small and medium enterprises (MSMEs) as the government bids to empower more businesses and increase its contribution to economic growth.

Trade Secretary Cristina Roque, in a post-State of the Nation Address (SONA) interview in San Juan City on Tuesday, however, declined to give any figure.

She said among the expected beneficiaries are women entrepreneurs, who are the recipients of the recently-launched Women’s Enterprise Fund (WEF), and the creative industries.

Roque said they want to boost the creative industries “because that’s one that we can really use to really drive the people to see what we have here in the Philippines.”

“We feel that that’s one of our aces just like Korea. They use their creative industry to drive tourism and to drive trade also. So importante ang creative economy (So the creative industry is important),” she said.

President Ferdinand R. Marcos Jr., during this fourth SONA on Monday, committed to providing capital to more small businesses at a low interest rate and without requiring collateral.

He also committed more training for the sector to boost opportunities and help sustain their businesses.

“Hindi tayo titigil hanggang halos dalawa’t kalahating milyong maralitang pamilya ay matutulungan natin na magkaroon ng kanilang sariling maliit na negosyo (We will not stop until we’re able to help nearly two and a half million poor Filipino families start their own businesses),” he said.

SMEs account for about 99.5 percent of enterprises in the country and employ over 60 percent of the total workforce.

However, the sector contributes only around 35 percent to the domestic economy’s annual output; thus, the government’s continuous resolve is to boost MSMEs to help them have a higher share in the country’s gross domestic product. (PNA)