20000232800

Soropia, Erika Mae B.

BSBA3 Marketing Management
AMACC PASIG CITY

MSME REACTION PAPER

MSME DEVELOPMENT PLAN
I'm looking into MSME (micro, small, and medium
enterprises) and how they can benefit the Philippines. The
meaning of MSME is "micro, small, and medium enterprises."
They have a very important role in the Philippine economy.
They help reduce poverty by creating jobs for the country's
growing labor force. Micro, small, and medium enterprises
(MSMEs) are widely recognized for the important contribution
they make to sustainable development in terms of
contributions to economic growth, the creation of decent
jobs, and the provision of public goods and services.

As a student at AMA College, I participated in the

micro, small, and medium enterprise development plan aimed
at encouraging more Filipinos to pursue entrepreneurial
opportunities. The MSME sector’s strategic plan for growth
and development was created in collaboration with private
sector, academic, and government stakeholders. It is in line
with the Philippine government's goals of increasing
employment, business, and livelihood. MSME continues to
include plans that have left the intended modes of
implementation in their formulation, as well as their intent to
fully develop the sector's capacity and utilize the sector's
potential for the country. 

The novel coronavirus disease, COVID-19, has brought

significant change to people’s lives and business activities
nationally, regionally, and globally. The Philippines took swift
action—including enhanced community quarantine (ECQ)—to
contain the pandemic and launched an emergency subsidy
program with massive public spending to support disrupted
households and businesses. The strict lockdown ran from mid-
March to the end of May 2020 in the national capital region
and high-risk provinces, causing huge economic losses. Six
months after the March lockdown, the Philippine economy
has moved to the recovery stage, but micro, small, and
medium-sized enterprises (MSMEs) are continuing to confront
a sharp drop in demand and revenue. We examine the initial
impact on MSMEs of the ECQ and lockdown measures using
evidence obtained from a rapid nationwide survey conducted
from the end of March to mid-April 2020 and derive policy
implications.
This was an inspiration for us future entrepreneurs to get
involved in bigger things in order to create more jobs and
contribute to the growth of the nation’s economy. This was a
great plan that I see as feasible even in today’s situation, as
we can see from the number of businesses open and the
number of commerce businesses that started as a result of the
pandemic. The Filipino’s resourcefulness and motivation will
help other students and young people understand that there
is more to earn when you are an entrepreneur.