Along with big-ticket trade and investments, Department of Trade and Industry (DTI) Acting Secretary Cristina A. Roque is pushing for the international growth of Philippine micro, small, and medium enterprises (MSMEs).
During her recent UAE visit, Roque met with UAE Minister of State for Foreign Trade H.E. Dr. Thani bin Ahmed Al Zeyoudi to advance the Comprehensive Economic Partnership Agreement (CEPA) negotiations. This landmark agreement, once finalized, will be the Philippines’ first free trade pact in the Middle East and with a Gulf Cooperation Council (GCC) member.
Finalizing the CEPA negotiations
The CEPA agreement, proposed in December 2021, is expected to be finalized by the end of 2024, with two rounds of negotiations already completed earlier this year.
“The Philippines is dedicated to solidifying its partnership with the UAE to drive economic growth and open new doors for Filipino entrepreneurs,” Roque said. “The finalization of the CEPA will not only strengthen our bilateral trade but also set the foundation for long-term, mutually beneficial cooperation.”
Roque highlighted key investment sectors for potential growth, such as agribusiness, renewable energy, information technology, and tourism.
Role of MSMEs
“Of course, international trade and foreign investment are very important to us, as they are key drivers of our economy and the reason why it will truly level up. However, we cannot ignore the strength of MSMEs, so if we drive international investments and we drive the MSMEs, then that will drive the economy,” Roque told The Filipino Times on the sidelines of FINOPINAS Pop-up at Sari-Sari Store in Deira, organized by the Philippine Trade and Investment Center (PTIC) – Dubai in collaboration with Sandbox Middle East.
MSMEs constitute 99.5% of business establishments in the Philippines and employ 60% of the country’s workforce, she said, that is why this also forms part of the agenda that she is pushing during her official visit to the UAE from October 3 to 5, 2024.
OFWs as entrepreneurs
Roque said that DTI currently offers franchising opportunities for overseas Filipino workers (OFWs) to encourage them to venture into business and make the most of their hard-earned money abroad.
“A lot of our OFWs remit money to the Philippines. Then they just let their family invest it. ‘Mag-negosyo kayo. What kind of negosyo?’ So we need to be specific. If they invest it in a business where they think they know or they are not sure if they know but they just want to try, it’s better that they put their money in a bankable franchise,” she said, adding that the DTI recently signed a memorandum of agreement (MoA) with the Philippine Franchise Association and requested a list of the top 20 or 30 franchises where OFWs can invest their money.
She also noted that upon her appointment, she met with Department of Migrant Workers Secretary Hans Leo J. Cacdac to discuss signing a MoA encouraging OFWs to engage in franchising opportunities in the Philippines. She also mentioned that franchising options are available even for those who wish to explore them abroad.
“That’s part of the [DTI’s] five-point plan for the OFWs… We cannot ignore the strength of the OFWs; we need to think of something that will benefit them na win-win situation talaga.”
Dr. Karen Remo, CEO and Founder of New Perspective Media Group and The Filipino Times, also voiced her support for Roque’s initiative to empower MSMEs. Remo, who is also the chief of the Philippine Property and Investment Exhibition (PPIE), the largest international Filipino investment event, said NPM Group is committed to helping the government’s goals through platforms like PPIE.
“We fully support DTI’s mission to achieve a global position for the country’s export sector and develop MSMEs. We have seen the significant demand for Philippine brands, and MSMEs, indeed, can have a significant role in showcasing the excellent offerings of our country to the world,” Dr. Remo said.
FINOPINAS Pop-up
The FINOPINAS Pop-up showcased the Philippine products including clothing, fashion, home accessories, and artisanal goods from TERNO by TCG, Bayongecija, Sna’ap, Olivia Fine Pearl Jewelry, and Fab-Rika Handicrafts Trading.
The event was attended by PTIC – Dubai Trade Commissioner Vichael Angelo Roaring and Philippine Consulate Dubai & Northern Emirates Vice Consul Jim Jimeno.
“One of the things that we do is to elevate the Filipino people and give small business owners a chance to get visibility internationally. I’m very happy that we continue to do the same not just in food, but also for artists and the creative sector,” Sandbox Middle East Managing Director Mark Mauricio said.
