MSMEs are key to sustaining growth amid challenges

In last week’s column, I discussed how Micro Small and Medium Enterprises (MSMEs) are going to be the cornerstones of our economic growth in the country as we face many global uncertainties, which are intensifying in their effects on the local population.

- #MINDANAO JOHN TRIA

The drastic increase in fuel prices in a short period of time already showcases this effect. These smaller enterprises are what many of us trade with on a daily basis, especially in the provinces where they dominate the business landscape.

Finding ways to help these enterprises sustain growth and competitive-ness will mean a strong, sustainable economy in the coming years.

Building up and even increasing the Filipino middle class will be vital for supporting the growth of MSMEs over time. Increasing the middle class means building a bigger pool of buyers for products and services. Moreover, when middle class growth happens in the regions outside NCR, this will largely benefit our MSMEs since these enterprises, such as grocery stores, market stall owners, local transport providers, and all kinds of repair shops.

How can we build the middle class?