Micro, small, and medium enterprises (MSMEs) involved in tourism may soon receive better support, especially in gaining access to financing. This comes after the Department of Tourism (DOT) and the Department of Trade and Industry (DTI) signed a new agreement to help tourism-related businesses grow.
The partnership was formalized through a Memorandum of Agreement (MOA) signed on Monday, April 7, at the DOT Office in Makati City. Tourism Secretary Christina Garcia Frasco and Trade Secretary Cristina Aldeguer-Roque led the signing ceremony. DOT Undersecretary Shahlimar Hofer Tamano and DTI Chief-of-Staff Englebert Chua were also present as witnesses.
Under the agreement, the DTI’s Small Business Corporation (SB Corp) will offer tourism MSMEs more access to financial programs. These programs aim to help local businesses expand and improve services for travelers.
The MOA also includes other joint efforts. These include trade and tourism missions, promoting tourism investments, and developing sustainable enterprises. The two agencies also plan to support the growth of local talent and products in tourism areas such as resorts, cultural attractions, and tourist destinations.
Secretary Frasco explained the importance of the collaboration. She said tourism and trade have always been closely linked. In fact, the DOT was once part of the DTI before it became a separate department in 1973.
“In many ways, tourism introduces the world to our products, culture, and talent,” Frasco said. “Trade ensures that these can reach international markets and help our economy grow. When we align these two sectors, we can create more jobs, support local communities, and improve lives.”
Secretary Roque described the partnership as a “whole-of-government” strategy. She said it would strengthen tourism promotion and help develop small businesses.
“This partnership promotes inclusive growth and supports local industries,” Roque said. “We want to reach beyond the big cities and empower communities across the country. At the DTI, we are committed to helping our MSMEs not just survive, but thrive in the tourism value chain.”
Frasco also pointed out that MSMEs provide around 63% of all jobs in the Philippines. They also contribute about 40% to the country’s Gross Domestic Product (GDP). However, many of these businesses struggle with limited resources and lack of access to funding.
The agreement between DOT and DTI hopes to change that by giving MSMEs the tools and support they need to succeed in the growing tourism sector.
Related topics:
- Devastating Myanmar Earthquake Kills Over 2,000; Nation Begins Week of Mourning
- Business Travel Show APAC to Launch in Singapore with a Full Conference Program
- The Peninsula Boutique at HK Airport: Where Tradition Meets Modern Luxury
