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DTI-10 cites innovation as crucial for MSMEs

CAGAYAN DE ORO CITY (PIA)—Regional director Ermedio Abang of the Department of Trade and Industry (DTI)-10 emphasized the importance of innovation not just for established firms but also for micro, small, and medium enterprises (MSMEs).

“It is important for them [MSMEs] to explore and appreciate tools available for them to create more value for the growth and protection of their businesses,” he said during the Northern Mindanao Regional Innovation Day and Exhibit 2023.

Abang stated that based on the Philippine Statistics Authority’s 2021 List of Establishments. 99.64% of establishments in Northern Mindanao are MSMEs while DTI-10 recorded a total of 32, 651 new business name registration in 2022.

With more businesses flourishing, he said MSMEs should be exposed to the idea that innovation is not tied to size believing that micro and small businesses can create breakthrough changes.

“Innovation is not limited to a radical transformation because smaller changes can be done in a continuous flow that ultimately accumulates to a bigger change,” he further said.

The regional director emphasized that innovation should be seen by MSMEs as a long-term investment instead of costs.

He said with innovation, new enterprises can successfully enter a market while established enterprises can maintain their competitive advantage amidst emerging trends and technologies. (APB/PIA-10)



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