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DOST funds MSMEs’ upgrade in Bicol

(Photo courtesy of DOST)

The Department of Science and Technology (DOST) has helped  28 micro, small and medium enterprises (MSMEs) with loans in the Bicol Region in the first half of 2021, under its Small Enterprise Technology Upgrading Program’s (SETUP) innovation-enabling program.

The SETUP aims to encourage and assist MSMEs in adopting technological innovations to improve their products and operations. Its loans are payable in three years.

DOST Secretary Fortunato de la Peña, in a taped report, said a total of P28 million was used to assist these MSMEs, aside from providing training, and other assistance such as helping them acquire the right equipment they need for their business.

He said majority of the 28 MSMEs assisted are in the food processing sector, while about 32% of them are into metals and engineering. The rest, he added are in the agriculture, handicrafts and gifts/decors, garments and Information and Communications Technology (ICT) sectors.

“We also provide them scientific and technological services, such as those on food safety and assistance for them to comply with regulatory and market standards, including laboratory testing,” he added.

The DOST chief in turn enjoined and urged MSMEs to help their communities by ensuring the quality and safety of their products and generating local employment opportunities.

“We will continue to support more MSMEs in the Bicol Region so they can improve production efficiency and product quality,” he said. 

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