2 months ago
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CEBU CITY — The Department of Science and Technology Central Visayas (DOST-7) is expanding its support for micro, small and medium enterprises (MSMEs) in the region, allocating P62 million this year under its Small Enterprises Technology Upgrading Program (Setup).
The fund, which surpasses last year's P56.98 million, is intended to help businesses integrate technological innovations to enhance productivity and competitiveness.
The DOST Cebu Provincial Science and Technology Office has already approved funding for 11 MSMEs, with a total allocation of P20.29 million.
Of this amount, 76 percent, approximately P15.45 million, has been disbursed to six beneficiaries.
According to Engr. Adrian Cruz, officer-in-charge of DOST Cebu, the program allows more MSMEs to upgrade their operations, improve product quality, and adopt advanced technologies.
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MSMEs make up more than 99 percent of businesses in the country and provide 66 percent of total employment.
Cruz emphasized that these enterprises serve as drivers of the Philippine economy, underscoring the significance of supporting them through technology-driven solutions.
"Technically, we can say that the MSMEs are the backbone of the Philippine economy," Cruz said.
Setup not only offers funding but also provides training, technical assistance, and consultancy services.
The financial aid operates under a fund-borrowing scheme, with MSMEs repaying the interest-free amount in installments over three years, starting a year after purchase.
To apply, interested MSMEs must submit a letter of intent to the DOST regional office through their respective Provincial Science and Technology Centers.
The application process includes a Technology Needs Assessment, followed by a proposal submission and evaluation by the Regional Technical Evaluation Committee.
Final approval depends on the requested funding amount and is granted at the regional or national level.
DOST-7 encourages businesses to explore Setup opportunities through its website and official social media pages.
Cruz assured MSMEs that the agency is ready to assist in enhancing productivity, improving product quality, and integrating essential technological systems.
