Parañaque Representative Advocates for Increased Funding to Boost Nano Enterprises

In a bid to enhance the growth of nano and micro enterprises in the Philippines, Parañaque City 2nd District Representative Brian Raymund Yamsuan has proposed an increase in the funding allocated to the government’s Sustainable Livelihood Program (SLP). This initiative aims to support small businesses that play a crucial role in the nation's economy, especially in the wake of the economic challenges posed by the COVID-19 pandemic.

Historically, nano and micro enterprises have faced numerous hurdles, including limited access to capital, inadequate training, and insufficient market reach. According to the Department of Trade and Industry (DTI), these small enterprises constitute 99.5% of businesses in the Philippines, employing approximately 63% of the workforce. Despite their significance, they often struggle to secure the necessary funding and resources to thrive.

Yamsuan cited data from the Philippine Statistics Authority (PSA), which indicated that the micro, small, and medium enterprises (MSMEs) sector contributed around 35% of the country’s gross domestic product (GDP) as of 2022. "Increasing the funding for the SLP is vital to empower these enterprises, which are the backbone of our economy," Yamsuan stated during a recent press conference. He emphasized that the proposed funding increase would provide essential support for training programs and access to financing.

The Sustainable Livelihood Program, administered by the Department of Social Welfare and Development (DSWD), is designed to provide cash assistance and livelihood opportunities to low-income individuals and families. According to DSWD Secretary Rex Gatchalian, the program has already assisted over 1 million beneficiaries since its inception, but additional funding could expand its reach significantly. "By investing more in the SLP, we can uplift more families and strengthen local economies," Gatchalian remarked.

Economic experts highlight the importance of such initiatives in fostering job creation and economic resilience. Dr. Maria Lopez, an economist at Ateneo de Manila University, noted, "Supporting nano and micro enterprises is essential for economic recovery. These businesses not only create jobs but also stimulate local economies by keeping money circulating within communities." Dr. Lopez's research published in the Philippine Journal of Economics (2023) underscores that targeted financial support can lead to exponential growth in employment and economic activity at the local level.

However, some critics argue that simply increasing funding may not be a panacea for the challenges faced by these enterprises. Dr. Samuel Reyes, a professor of Business Management at the University of the Philippines, cautioned that without comprehensive support structures—such as mentorship programs and access to markets—the increased funding might not yield the desired results. "We need to ensure that these enterprises are equipped with the necessary skills and knowledge to utilize the funding effectively," Dr. Reyes stated.

The proposed funding increase will be discussed in the upcoming congressional sessions, with implications for the broader economic landscape. As Yamsuan advocates for the SLP, the future of nano and micro enterprises hangs in the balance, with the potential to contribute significantly to the recovery and growth of the Philippine economy.

In summary, the push for increased funding for the Sustainable Livelihood Program offers a vital opportunity to bolster nano and micro enterprises in the Philippines. While there are differing opinions on the best approach, the collective goal remains clear: to empower small businesses that serve as the foundation of the nation’s economy. As the legislative discussions unfold, stakeholders from various sectors will be closely watching the developments, hoping for a robust support system for these vital economic contributors.