Republic of the Philippines

Sorsogon State University

Sorsogon Main Campus

PROGRAMS AND POLICIES IN ENTERPRISE DEVELOPMENT

MODULE 1: Introduction to Enterprise Development Programs and Policies

This module will cover the following topics:

 Significance of Policies in fostering entrepreneurship

 Role of Governmental and Non-governmental Organizations
 Evolution of enterprise development policies
 I. INTRODUCTION
Enterprise Development Program aims to help entrepreneurs and small
businesses thrive by providing resources, training, and financial assistance. Let's
explore the details of the program and how it can help you succeed in growing your
business! 

DEFINING ENTERPRISE DEVELOPMENT POLICY

 What is Enterprise Development?

Enterprise development (ED) refers to initiatives by the public and private sector to
help to develop small- or medium-sized companies. Investing in enterprise development
helps entrepreneurs to develop, scale and improve these businesses, which stimulates
the economy and catalyzes positive social change.

Enterprise Development means monetary and non-monetary contributions carried

out for beneficiaries, with the objective of contributing to the development, sustainability
and financial and operational independence of those beneficiaries.

II. OBJECTIVES OF EDP:

  The EDP aims to unlock the potential of entrepreneurs and small businesses by
providing vital resources, promoting and encouraging innovation, and aiding businesses
in expansion and growth. Let's dive deeper into the objectives of EDP: 

Unlock the potential of entrepreneurs 

The primary objective of EDP is to unlock the potential of entrepreneurs and small
businesses by providing them with vital resources.

Innovation
EDP encourages innovation and supports businesses in bringing new and unique ideas
to the market.

Growth
EDP helps entrepreneurs and small businesses grow by providing them with access to
resources and opportunities.
 What is Policy?

Policy is a law, regulation, procedure, administrative action, incentive, or voluntary

practice of governments and other institutions.

Henceforth, enterprise development policies are a set of deliberate measures and

strategies formulated by governments or relevant authorities to facilitate and support
individuals embarking on entrepreneurial endeavors. These policies are crafted with the
overarching goal of fostering an environment conducive to entrepreneurship, thereby
stimulating economic growth and prosperity.

III. SIGNIFICANCE OF POLICIES IN FOSTERING ENTREPRENEURSHIP

7 WAYS GOVERNMENTS CAN FOSTER ENTREPRENEURSHIP 

Entrepreneurship plays a vital role in driving economic growth and job creation. It is the
engine that propels innovation, generates new businesses and brings fresh products
and services to the market. Starting and running a business can be challenging.
Entrepreneurs often struggle with access to funding, navigating complex regulations
and acquiring the necessary skills and knowledge.
This is where governments come in. They have an important role to play in fostering
entrepreneurship and creating an environment that supports and encourages it. There
are seven ways that governments can promote entrepreneurship and make a positive
impact on the entrepreneurial environment.

1. Provide access to funding 

One of the biggest challenges facing entrepreneurs is access to capital. Many
entrepreneurs have great ideas but lack the financial resources to turn them into reality.
Governments can help by providing funding through grants, loans and other financial
incentives. For example, The Philippine government has extended several kinds of loan
opportunities to help Filipinos get back on track, especially those affected by the
pandemic. One such program is Bayanihan CARES, under the Department of Trade
and Industry (DTI) and Small Business Corporation (SB Corp), which aims to help
MSMEs, OFWs, hospitals, and others affected by the pandemic

2. Reduce bureaucratic red tape

Entrepreneurs often struggle to navigate complex regulations and paperwork.
Governments can reduce this burden by simplifying and streamlining the process of
starting and running a business. For example, the BNRS of DTI – where businesses
can register at their fingertips.
3. Invest in education and training 
Entrepreneurs need a wide range of skills to succeed, from business management to
product development. Governments can invest in education and training programmers
to help entrepreneurs acquire the knowledge they need. For example, DTI has
the Small and Medium Enterprise Roving Academy (SMERA), a continuous learning
program for the development of MSMEs in the Philippines. SMERA is a partnership and
mentorship with the DTI, where business owners participating in the program get paired
with a counselor and an expert who advise them on training and business development
services they may need.

4. Encourage innovation 
Entrepreneurship is closely tied to innovation and governments can promote innovation
by investing in research and development and by providing tax incentives for companies
that invest in new technologies. For example, the DOST-PCIEERD Startup Grant Fund
Program, the 14 startups were selected for their innovative solutions that are aligned
with the overall theme, “Jumpstarting the economy in the new normal”.
5. Create a supportive legal framework
A supportive legal framework is essential for entrepreneurship to flourish. Governments
can create a favorable legal environment for entrepreneurs by simplifying the business
registration process, protecting intellectual property rights and enforcing contracts. For
example, RA NO. 8293 An Act Prescribing the Intellectual Property Code and
Establishing the Intellectual Property Office, Providing For Its Powers and Functions,
and for Other Purposes lays down the rules and regulations that grant, and enforce
patents in the Philippines.
6. Foster a culture of entrepreneurship 
Governments can promote entrepreneurship by creating a culture that values and
supports it. This can be done through public awareness campaigns and by recognizing
and celebrating the contributions of entrepreneurs. For example, Global
Entrepreneurship Week is an annual event that brings together entrepreneurs, investors
and experts from around the world to exchange ideas and showcase the latest
innovations.
7. Stimulate networking and collaboration 
Entrepreneurs often need to network and collaborate with other entrepreneurs,
investors and experts to succeed. Governments can foster networking and collaboration
by creating opportunities for entrepreneurs to meet and exchange ideas. For example,
accelerators and incubators are programmers that provide mentorship, training and
resources to early-stage start-ups. They also provide a network of entrepreneurs,
investors and experts that can help start-ups grow and succeed.
In conclusion, governments have a crucial role to play in fostering entrepreneurship. By
implementing the strategies discussed in this article, such as providing access to
funding, reducing bureaucratic red tape and creating a supportive legal framework,
governments can positively impact the entrepreneurial landscape and drive economic
growth and job creation. Entrepreneurship is not just about starting a business; it’s
about creating opportunities, driving innovation and fostering economic development.

IV. ROLE OF GOVERNMENTAL AND NON-GOVERNMENTAL

ORGANIZATIONS

 Regulatory Role of Government in Business

 Setting and enforcing standards for fair competition and protecting consumers
from fraudulent or deceptive business practices. 
 Policy Framework
 Environmental and Social Responsibility

 The Government’s regulatory role ensures that businesses operate fairly and
transparently without engaging in deceptive or unfair practices that could harm
consumers. 
 The Government also sets standards for safety, quality, and environmental
protection to ensure that businesses protect the public interest. 
 The Government also creates a favorable legal framework for businesses.

 Promoter Role of Government in Business

 Governments are responsible for promoting economic growth and development

through fiscal and monetary policies. 
 It creates an environment conducive to business activity and provides the
necessary infrastructure for business operations. 
 The Government also provides support to businesses through various programs
and initiatives. 
 Access to Finance
 Support for Innovation
 Research and Development
 Market Support
 

 Government as an Entrepreneur

 Government can also be an entrepreneur itself by investing in new businesses or

industry sectors. This can help to create jobs and grow the economy.
  Education and Skill Development

 Government can also act as an entrepreneur by providing tax incentives,

grants, and other forms of assistance to businesses. 
 Furthermore, the Government can provide access to business financing. 
 Finally, the Government can also encourage entrepreneurship through public-
private partnerships. 

 Market Access and Trade 

 Role of Government as a Planner

 The role of the Government as a planner is to ensure that businesses can

operate in an efficient and effective manner.
 Additionally, the Government must also assist businesses when needed.

PHILIPPINE GOVERNMENT PHILIPPINE GOVERNMENT PROGRAMS 

AGENCIES 

1. Department of Trade & 1. Negosyo Center 

Industry (DTI)  2. KAPATID MENTOR ME 
2. Securities & Exchange 3. Pondo sa Pagbabago at Pag-Asenso
Commission (SEC)  (P3)
3. Bureau of Internal Revenue 4. Go Lokal! 
(BIR)  5. Small and Medium Enterprise Roving
4. Various Local Government Academy (SMERA)
Units (LGU) 

 ROLE OF NON-GOVERNMENTAL ORGANIZATIONS

Non-Governmental Organizations (NGOs) play an important role in promoting

economic growth, developing society, improving communities and promoting citizen
participation. NGOs are particularly critical to the socioeconomic development of
countries where government capacity and revenues are limited. 

Some NGOs provide access to micro credit or micro finance facilities, positively
impacting micro enterprises as well as enabling individual households to start income-
generating activities. Other NGOs provide micro loans without requiring any collateral or
mortgage with the aim of assisting the less privileged in society. They offer opportunities
for people to develop initiatives in business or agriculture that generate earnings
offsetting the debt over time. 
Non-governmental organizations (NGOs) play a crucial role in enterprise development
programs and policies in various ways such as follows: 

 Capacity Building and Training — NGOs often provide training and capacity-
building programs for entrepreneurs and small business owners. They offer
workshops, mentorship, and resources to help individuals develop the skills needed
to run successful enterprises.
  Ex: • GSAC Training and Seminar Workshops for Farming and Handicrafts 
•People Development Program (KINAYA Program) 

 Access to Finance — Many NGOs facilitate access to microfinance and small

business loans for aspiring entrepreneurs who may not have access to traditional
banking services. They help bridge the financial gap for small businesses
Ex:  •Private Lending and Funding Organizations like PALFSI, CardBank,
OnePuhunan etc. 

 Policy Advocacy — NGOs engage in advocacy efforts to influence policies that

support entrepreneurship. They work to create a more favorable regulatory
environment for businesses, advocating for reduced bureaucracy and fair
competition. 
Ex:   •Amnesty International Philippines 
  •The Nationwide Association of Consumers, Inc. (NACI) 
  •Caucus of Development NGO Networks, Inc. (CODE-NGO) 

 Networking and Collaboration — NGOs create platforms for entrepreneurs to

network, share experiences, and collaborate. These networks can lead to
partnerships, investment opportunities, and knowledge sharing. 
Ex: •Caucus of Development NGO Networks, Inc. (CODE-NGO) 
•Foundation for Sustainable Development, Inc. 

 Innovation and Research (Research and Data Collection) — NGOs often

conduct research and pilot innovative business models. They identify emerging
trends and opportunities, which can inform government policies and business
strategies. 
Ex: •IBON Foundation 
•Amnesty International Philippines 
•Andres Soriano Foundation, Inc. 

 Social Entrepreneurship — Some NGOs focus on social entrepreneurship,

supporting enterprises that have a positive social or environmental impact. They
help these businesses grow and achieve their social missions. 
 Ex: •ChildHope Asia Philippines 
•Direct Aid Program 
•TUKLAS KATUTUBO 

 Market Access (Market Linkages) — NGOs assist entrepreneurs in accessing new

markets, both domestically and internationally. They help enterprises expand their
customer base and increase sales. 
Ex: •Technoserve 
•Foundation for Sustainable Development, Inc. 

 Skills Development — NGOs offer specialized training and skill development

programs tailored to the needs of specific industries or sectors, enhancing the
competitiveness of local businesses. 
Ex: •Tuklas Katutubo 

 Community Development — By promoting entrepreneurship, NGOs contribute to

community development and poverty alleviation. Successful enterprises create jobs
and stimulate economic growth in communities. 
Ex: •Bukas Palad Foundation 
•Feed The Children Philippines, Inc. 
•Gawad Kalinga (GK) 
•Caucus of Development NGO Networks, Inc. (CODE-NGO)
•Technoserve 

 Monitoring and Evaluation — NGOs often play a role in monitoring the impact of
enterprise development programs and policies, ensuring that resources are
effectively utilized and outcomes are achieved.

 Technical Assistance — NGOs provide technical expertise and guidance to

entrepreneurs, helping them improve their product quality, production processes,
and overall business operations. 
Ex: •Advocates of Science and Technology for the People
•Andres Soriano Foundation, Inc.
•Asian Alliance Of Appropriate Technology Practitioners, Inc. 

 Environmental Sustainability — Some NGOs focus on promoting environmentally

sustainable business practices, encouraging enterprises to adopt eco-friendly
technologies and practices. 
Ex: •Bantay Kalikasan (ABS-CBN Foundation) 
•Mother Earth Foundation 
•Haribon Foundation 
 Conflict Resolution (Support for Vulnerable Populations) — In regions affected
by conflict or instability, NGOs may facilitate peace-building efforts through
enterprise development, promoting economic stability as a means to reduce conflict. 
Ex: •Global Peace Foundation Philippines 

In summary, NGOs serve as important intermediaries between governments,

businesses, and communities, working to foster entrepreneurship, reduce poverty, and
promote economic development through various programs and policy advocacy efforts.
Their role is particularly crucial in supporting small enterprises and marginalized groups
in the pursuit of economic growth and sustainability. 

V. Evolution of Enterprise Development Policies 

Entrepreneurship policies are the plans or courses of action, established by
government in order to influence and enhance entrepreneurial decisions and actions.
Government policies in this sense, refers to rules and regulations that enable the startup
and viability of entrepreneurial activities. Some policies are targeted to specific
businesses while others affect entrepreneurs directly. For instance, in Nigeria, agro
allied businesses are often exempted from tax during the first five years of operation.
Some businesses are also being subsidized while small businesses enjoy tax
exemption. Also, policies implemented to discourage the importation of manufactured
goods often protect indigenous industries and encourage entrepreneurial activities.

WHAT IS ENTERPRISE DEVELOPMENT POLICY?

Enterprise (SME) Development Policy, which focused only on Small and Medium-
sized Enterprise. The EDP supports entrepreneurship, innovation, and enterprise
growth at all stages of the enterprise growth lifecycle, from start-ups to existing micro,
small, and medium-sized enterprises (MSMEs) and large enterprises. With enterprise
policies, you can manage the policies for all the organizations owned by your enterprise.
To help you enforce business rules and regulatory compliance, policies provide a single
point of management for all the organizations owned by an enterprise account.

ENTREPRENEURSHIP has existed in the Philippines since the interaction of early

Filipinos with Foreign traders, especially in the neighboring countries like: Malaysia,
Indonesia, China. They started business transactions through the barter system where
in goods and services were means of exchanges. Then countries moved towards
money economy when people used different forms of money to pay for the goods that
they bought.

The Spain, Japan, and America colonized the Philippines for hundreds of years, they
changed the structure of the society, the economy, education and political system.
We became a predominantly family - centered,Catholic, capitalistic, and Democratic
country.

After independence, the Philippine government realized the importance of

entrepreneurship to individuals, society and country, and how it contributes to the
nation's economic development.

SMEs

The small and medium enterprises (SMEs)became the embodiment of entrepreneurship

in the country.

 1935

The SME development regulatory framework and policies started in 1935, when the
1935 Philippine constitution first recorded the national commitment to economic
success through industrial and technological growth.
 1950

Since the 1950s, the Philippines has adopted strategies ranging from import-substitution
to export-orientation to bring about fundamental changes in the economic structure.

 Economic Liberalization (1960s-1970s)

 The 1960s saw a shift toward export-oriented industrialization. The country began to
open up to foreign investment and trade. Notable policies included the Export
Incentives Act of 1967.

 Privatization and Deregulation (1980s-1990s)

The Philippines implemented privatization and deregulation policies in various sectors,

including telecommunications and power. The 1991 Local Government Code
decentralized governance.

 1987

The 1987 Philippine Constitution reinforced the commitment for the development of the
private sector and provided for a wide range of government reforms and reorganization.

 1991
The Magna Carta for Small enterprises is the landmark legislation which reflects the
current government policy to foster a dynamic SME sector. 

Particularly rural and agricultural - based manufacturing ventures.

REPUBLIC ACT NO. 6977

An act to promote, develop and assist Small and Medium scale Enterprise Development
(SMED) Council, and the rationalization of government assistance programs and
agencies concerned with the development of Small and Medium Enterprises, and for
the other purposes.

 1995

R. A. 7882 , the Act Providing Assistance to Women, recognizes the special role in
development and supports women entrepreneurs who are enged in the
manufacturing, processing, service and trading businesses.

Under this Program, Government Financing Institution (GFIs), like the: Landbank of the
Philippines (LBP) Development Bank of the Philippines (DBP) are Mandated to provide
assistance to:

1. Non - government organizations (NGO) engaged in developing women's enterprises

up to Php. 2 million, provided the non government organization has a minimum
operating track record of 1 year.
2. Existing women enterprises to the upper limit of Php. 50, 000.
3. Potential women entrepreneurs with sufficient training up to a limit of Php. 25,000.
There is no doubt that the government,through the Department of Trade and Industry
and its attached agencies and bureaus recognizes that promotions of entrepreneurship
demand a holistic integrated.

And strategic set of interventions in order to hasten the economic development of the
Philippines in the midst of this globally competitive environment. To implement these
plans, significant enabling laws, policies, and programs were instituted by the
government with the support of international development organizations, non -
government organizations, and the private sector.

 Philippine SME Development Strategy (1998)

It hinged on sound partnership between the government and the private sector, the
complementarity ensured by three governing bodies on enterprise development: 
1. the Export Development Council (EDC), which oversees the implementation of
Philippine Export Development Plan;
2. the Industry Development Council (IDC) which implements the Philippine
Industrial Development Plan and develops enterprises with high technology
requirements; and 
3. the Small and Medium Enterprise Development Council (SMEDC) which
oversees policies and programs on SMEs and coordinates with both EDC and IDC
in drawing-up its priority industries.

 Early 2000s

SULONG PROGRAM (May 17, 2001) 

SULONG is a unified lending program designed to support the National SME

Development Plan. Under this program, all participating Governtment Financial
Institutions shall apply simplified and standardized lending procedures and guidelines to
evaluate loan application of SMEs, e.g., loan purpose, fee structures, interest rates,
application forms, financial ratios, and other lending parameters. This unified lending
scheme is in addition to the existing financial services of the participating GFIs. 

From 2004 to April 2010, Government Financial Institutions (GFIs) of the MSME Unified
Lending Opportunities for National Growth (SULONG) program released about
Php197.818B loans to MSMEs (Table 1). The funds released under the program
supported 178,094 enterprises (Table 2) and 2.893M jobs (Table 3) all over the country.
For January to April 2010, the SULONG program released Php10.487B to 11,739
enterprises, supporting 138,417 jobs. 

RA 9178 : BMBE Act of 2002 

The “BMBEs Act of 2002” encourages the formation and growth of Barangay micro
business enterprises by granting them incentive and other benefits. The Act was signed
into law by President Gloria Macapagal-Arroyo on 13 November 2002. 

 2004 - 2010

The most recent SME Development Plan in 2003-2004 acknowledges that the
Philippine SMEs have to play in a global terrain. The general aim is to have a vibrant
SME sector that provides a strong domestic supply base for globally competitive
industries. This shall be achieved through graduating micro and small enterprises to
higher levels of business undertakings, upgrading their productivity and value-added
capabilities, and strengthening of 20 accessible SME Centers nationwide.

SME Development Plan 2004-2010 presents the integrated efforts to strengthen and
stimulate the SME* sector so it can contribute significantly to the country’s development.
This Plan aims to make the SME sector a key factor in the country’s economic growth
by 2010. 

The statutory foundations for SME development are set by Republic Act No. 6977
(“Magna Carta for Small Enterprises”), as amended by RA No. 8289, and RA No. 9178
(“Barangay Micro Business Enterprises or BMBE Act”). 

Incentives for Enterprises Special incentives have been made available by legislation to
promote business activities. 

These include: 

• Exemption from corporate income taxes (4 - 8 years), national and local taxes, duties
and taxes on machineries, spare parts, materials and supplies, tax credit for imports
and import substitution of capital equipment and for breeding stock and genetic
materials (RA 7916 and RA 7227, Special Economic Zones Act and Clark and Subic
Special Economic and Freeport Zone) 
• Exemption from value-added tax for certain exporting industries, excise taxes on
locally produced products and lowered taxes on spirits made from indigenous materials
(RA 8424, Tax Reform Act) 
• Incentives under preferred areas of investment in the Investment Priorities Plan (IPP)
(Executive Order 226, Omnibus Investment Code) 
• Incentives for specified locations such as the Registered Economic Zones (RA 7916),
Less Developed Areas, (RA 7844) and those granted by Local Government Units under
the Local Government Code. 
• Incentives for investors for tax and duty exemptions, loan assistance and technical
support for starting–up and improved SME technologies (RA 7459 programs on science
and technology, Investors and Invention Incentives Act)

SMEs and the Regulatory Environment

 Paperwork and unfamiliarity with regulations are addressed by attempts like the SME
Center and Business One-Stop Shops. On-line systems, new systems, new laws and
other developments continuously help untangle the complicated compliance and
overlapping jurisdictions. 

Accomplishment Report of SMEDP 2004-2010 

● The BFAD was able to complete 70% of the BFAD Integrated Information System
(BIIS) which is an automated system in licensing establishments and registering
products. The BIIS is intended to simplify and eventually, completely decentralize the
process for MSMEs. A fast lane system was also set up in each regional Center for
Health Development to process the license to operate applications of MSMEs. 
● The SEC has set up the i-register System to put an end to the previously
cumbersome and time consuming process of data retrieval at the SEC. The system has
enabled applicants to download forms for free 24 hours a day 7 days a week, allowing
for faster registering and lower cost of doing business.

 MSMED Plan 2011-2016

The goals of the MSME Development Plan 2011-2016 will be achieved by focusing
SME development around the four identified outcome portfolios, namely: Business
Environment, Access to Finance, Access to Markets, and Productivity and Efficiency,
government agencies, in partnership with private sector SME enablers can intensify
their coordination, delivery and monitoring programs and services to SMEs.

Under the Benigno Aquino Administration, the Go Negosyo Act was approved foster
national development, promote inclusive growth, and reduce poverty by encouraging
the establishment of micro, small and medium enterprises (MSMEs) that facilitate local
job creation, production and trade in the country. 

 ENTERPRISE DEVELOPMENT POLICY (2016)

R.A. No. 9501: Magna Carta for Micro, Small and Medium Enterprises (as
amended, R.A. No. 6977, R.A. No. 8289) 
An Act that promotes, supports, and encourages entrepreneurship through providing
program assistance, and strengthening a balanced and sustainable development to
MSMEs. 

R.A. No. 9178: Barangay Micro Business Enterprises (BMBEs) Act of 2002 
An Act promoting the establishment of Barangay Micro Business Enterprises (BMBEs),
allocating incentives, benefits, and other purposes.

R.A. No. 10644: Go Negosyo Act 

An Act promoting job generation and inclusive growth through the development of
micro, small, and medium enterprises, mandating the establishment of Negosyo
Centers in all cities, municipalities, and provinces, which shall be responsible for
promoting ease of doing business and facilitating access to services for MSMEs.

R.A. No. 10679: Youth Entrepreneurship Act 

An Act promoting entrepreneurship and financial education among Filipino youth.

R.A. No. 11032: Ease of Doing Business Act (as amended, R.A. No. 9485)
 An Act to improve efficiency in the delivery of government service to the public by
reducing bureaucratic red tape, preventing graft and corruption, and providing penalties
therefor. 
Joint Memorandum Circular No. 1 Series of 2011 
Guidelines in implementing the standards in processing business permits and licenses
in all cities and municipalities. 
Joint Memorandum Circular No.1 Series of 2016 
Revised standards in processing business permits and licenses in all cities and
municipalities Enhanced Business Name Registration System Provides ease of
registering and paying business name registration online.

 COVID-19 Pandemic

The government implemented several measures to help MSMEs endure and survive the
tough times. For example, the Department of Finance (DoF), Bureau of Internal
Revenue (BIR) and Social Security System (SSS) have issued Joint Memorandum
Circular No. 001-2020 and 002-2020 providing for the Small Business Wage Subsidy
(SBWS) program granting a wage subsidy of P5,000 to P8,000 to the eligible
employees of small business employers affected by any form of quarantine. 

Additionally, the Implementing Rules and Regulations of Section 4 (AA) of the

Bayanihan to Heal as One Act (Republic Act No. 11469) require covered institutions
to implement a minimum 30-day grace period for loans due during the quarantine
period. It requires lenders not to impose interest on fees and other charges to future
payments or amortizations of individuals, households, MSMEs and corporate borrowers.
No additional documentary stamp tax (DST) will be imposed as a consequence of this
relief granted. 

The Department of Trade and Industry (DTI) also issued Memorandum Circular No.
20-12 which provides a 30-day grace period on commercial rent of MSMEs that have
ceased operations due to the ECQ without incurring interest, penalties, fees and other
charges. No eviction for failure to pay rent due may be enforced within the 30-day
period after the lifting of the ECQ. 

Philippine Economic Zone Authority (PEZA) Memorandum Circular No. 2020-023 also
authorizes the deferment of rental payments for locators in certain public ecozones for
April and May of 90 days from the due date. PEZA will not charge interest or penalties
during the grace period. Payments for public ecozone utilities, including electricity,
water, and wastewater treatment, will be deferred for 30 days with no interest or
penalties.

 2022

The Department of Trade and Industry (DTI) and the International Labor Organization
(ILO) have signed a memorandum of understanding (MOU) for a Japan-supported
project aimed at supporting the recovery of micro, small and medium enterprises
(MSMEs). Components of this support measure include capacity-building on
occupational safety, health and productivity measures, digital entrepreneurship and
financial education for MSMEs and informal businesses.
Enterprise development policies evolve over time in order to meet the ever-changing
demands of the entrepreneurial landscape. These policies are changes to ensure that
the support and incentives provided to entrepreneurs remain relevant and effective.
They undergo continuous assessment and refinement to align with emerging market
trends, technological advancements, and shifts in economic priorities. This approach
not only accommodates the evolving needs of the enterprise sector but also reinforces
the government's commitment to fostering an adaptive and innovative entrepreneurial
ecosystem, thus contributing to sustainable economic growth and competitiveness.