The Department of Trade and Industry (DTI) reported that a Central Luzon trade fair, which seeks to improve market access for businesses, has garnered P10 million in sales.
Trade Secretary Ramon M. Lopez said on Wednesday that the Likha ng Central Luzon (LCL) Hybrid Trade Fair gathered the participation of more than 100 micro, small and medium enterprises (MSMEs) coming across seven provinces in Region 3.
“In this time of post-pandemic recovery, we laud the LCL’s initiatives which have a strong commitment to bolster locally made products as it consistently provides market platforms for our MSMEs to exhibit their best products in every region,” Lopez said.
The trade fair, which both facilitates physical and virtual events, was organized by DTI Region 3 along with Philippine Exporters Federation Inc.-3, Regional Development Council-3 and the Central Luzon Growth Corridor Foundation Inc.
“From its launch in 1998 until 2019, LCL has been successfully held in Metro Manila. Now, to adhere to the new normal of organizing trade activities amid pandemic, the fair was held virtually for the first-time last year, with the collaborative efforts of the One Town One Product Philippines [OTOP PH] Program and the PLDT KaAsenso Program,” Lopez said.
Lopez said that the DTI has been doing its part in helping the MSMEs—major economic contributors—to recover amid the pandemic.
Among the initiatives include the “Buy Local! Go Lokal!” campaign, which encourages the consuming public to buy local products and services, he said. In turn, Lopez explained this also boosts the production capacities of MSMEs amid the demand.
It also opened the Covid-19 Assistance to Restart Enterprises (CARES) microfinancing program through attached agency Small Business Corporation (SB Corp.) for struggling MSMEs to provide additional financing.
The financial institution has approved P5.634 billion worth of borrowings to 56,421 applications as of September 27.
DTI said that the SB Corporation is also initially earmarking P200 million for a lending facility assisting MSMEs in paying 13th month salaries.
The loan program, which is being discussed with the Department of Labor and Employment, is yet to be finalized.