Tourism-related micro, small and medium enterprises (MSMEs) across the country may soon benefit from improved access to financing programs under a newly=signed agreement between the Department of Tourism (DOT) and the Department of Trade and Industry (DTI).
The DTI’s financing arm, the Small Business Corporation (SB Corp), will support tourism-linked MSMEs by opening an initial P500-million loan facility to help tourism stakeholders scale up and enhance services for travelers.
The memorandum of agreement (MOA), signed by Tourism Secretary Christina Garcia Frasco and Trade Secretary Cristina Aldeguer-Roque at the DOT office in Makati City on April 7, seeks to strengthen collaboration between the two agencies in support of tourism and enterprise development.
The agreement includes joint tourism and trade missions, development of sustainable MSMEs, promotion of tourism investments and support for local products and talent across tourism destinations. It also integrates DTI’s One Town, One Product (OTOP) initiative into DOT’s Tourist Rest Areas and marketing efforts.
“Tourism introduces the world to our rich culture, talent, and products, while trade ensures these experiences reach global markets and uplift local economies. When aligned, tourism and trade empower communities and elevate lives,” Frasco said.
Roque described the collaboration as a “whole-of-government” approach to inclusive growth that empowers MSMEs.
“This partnership will create opportunities that extend past urban centers and into the heart of communities. We are committed to ensuring MSMEs not only participate in the tourism value chain but thrive in it,” she said.
Frasco said MSMEs account for around 63 percent of national employment and contribute about 40 percent to GDP, yet often face challenges in accessing resources and markets—challenges the MOA seeks to address.
“The DTI’s support gives our tourism MSMEs the tools they need to compete locally and globally. By nurturing local businesses, we elevate the Filipino brand,” she said.
