{"id":19345,"date":"2024-06-19T03:03:46","date_gmt":"2024-06-19T03:03:46","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/sm-prime-bolsters-msme-growth-and-boom-in-the-philippines\/"},"modified":"2024-06-19T03:03:46","modified_gmt":"2024-06-19T03:03:46","slug":"sm-prime-bolsters-msme-growth-and-boom-in-the-philippines","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/sm-prime-bolsters-msme-growth-and-boom-in-the-philippines\/","title":{"rendered":"SM Prime bolsters MSME growth and boom in the Philippines"},"content":{"rendered":"
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SM Supermalls continues its commitment to empower and enrich the growth of local Micro, Small, and Medium Enterprises (MSMEs) by building a thriving ecosystem of entrepreneurship and innovation.<\/p>\n

\u201cMSMEs are our local partners in generating value across all the communities we operate in,\u201d said Steven Tan, President of SM Supermalls. \u201cWith 99.59% of the local economy composed of MSMEs, the persistence and vibrancy of local trade as well as the generation of jobs on the micro, small, and medium scale hinges on their success.\u201d<\/p>\n

In line with this, SM Supermalls continues to implement various programs and plan opportunities for MSMEs to grow their customer base through the vast network of SM malls in the country. With 67% of its tenants being MSMEs, these programs empower entrepreneurs by providing them with accessible and affordable prime retail spaces in SM\u2019s high-foot traffic malls, as well as helpful packages to support their growth.<\/p>\n

Marketplace for Success<\/b><\/p>\n

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Various local products sold by SM for MSMEs\u2019 purveyors<\/figcaption><\/figure>\n

\u201cBecause SM has been an established brand for over three decades, perhaps people have forgotten that we started out as a small enterprise ourselves,\u201d said Tan. \u201cOur own experience emphasizes the value in supporting our MSMEs and has given us valuable insight we can use to further support this crucial sector in line with the government\u2019s efforts.\u201d<\/p>\n

Last May, the Department of Trade and Industry (DTI) introduced the fourth iteration of the national MSME Development Plan geared to reduce operational costs and eliminate barriers for new entrepreneurs. Through the plan\u2019s implementation, the DTI hopes to grow the number of registered MSMEs, improve their contribution to the larger local economy, and support continual job creation.<\/p>\n

The \u201cSM for MSMEs\u201d program supports budding entrepreneurs in overcoming three key challenges they usually face \u2014 access to a diverse group of customers, the high cost of traditional operational requirements like rent, and competition with established brands for attention and patronage. Serving as a marketplace for entrepreneurs facing difficulties finding the right venue and market, SM aims to be the incubator of the country\u2019s next big brands.<\/p>\n

\u201cSM for MSMEs offer scalable packages to businesses in the communities around SM malls \u2014 for as low as P500 per day, small-scale businesses can rent a booth in SM\u2019s high-foot traffic venues during regular exhibits and special events. The program currently has 633 purveyors nationwide, providing an affordable and strategic platform for entrepreneurs to sell their products and reach the right market.<\/span><\/p>\n

Other Programs <\/b>of SM for MSMEs<\/b><\/p>\n