Challenges and opportunities of SMEs in PH

Like in any other industry, the MSME sector is not without challenges. In a report titled ASEAN Economic
Community 2015 SME Development: Narrowing Development Gap Measure, R. Aldaba wrote access to
finance is still one of the most critical factors that affect the competitiveness of MSMEs.
To further support the growth of this sector, the 2011-2016 Micro, Small and Medium Enterprise (MSME)
Development Plan aims to address the key challenges and constraints that continue to prevent this sector
from realizing its full potential and boosting the countrys industrial growth.
It is looking at raising the economic contribution of SMEs to 40 percent of gross value added and
generating two million new and sustainable jobs by 2016.
Overall with the challenges we see more positive opportunities for the SME market in the Philippines