Marcos: ASEAN-Japan economic resilience plan vital to MSME development and growth

President expects the economic resilience plans between the Association of Southeast Asian Nations (ASEAN) and Japan to help micro, small, and medium enterprises (MSMEs) in the Philippines to effectively cope with the impact of the obtaining unprecedented economic shock from the global crises.

At the 25th ASEAN-Japan Summit in Phnom Penh, Cambodia on Saturday,

The President stressed the importance of ensuring the continued implementation of the action plan adopted by the 10-member ASEAN regional bloc and its dialogue partner, Japan.

Office of the Press Secretary (OPS) OIC, Undersecretary Cheloy Garafil said President Marcos expects the “continued implementation of the ASEAN-Japan Economic Resilience Action Plan, as he underscored the importance of providing assistance and developing the resiliency of micro, small, and medium enterprises.”

Garafil said the President “wants to help MSMEs thrive and become resilient, considering that the Covid-19 pandemic has exposed the vulnerability of small businesses” to risks.

The ASEAN-Japan Economic Resilience Action Plan was adopted in 2020 to enhance cooperation in mitigating the economic challenges driven by the Covid-19 pandemic and ensure long-term economic resilience for ASEAN and Japan’s post-pandemic recovery.

The action plan includes 52 strategic measures aimed at sustaining close economic ties between ASEAN and Japan, mitigating the adverse impact of Covid-19 on the economy, and strengthening both parties’ economic resilience.

Marcos also expressed gratitude to Japan for donating USD1 million to Covid-19 ASEAN Response Fund, as well as for supporting the ASEAN Comprehensive Recovery Framework and the ASEAN Coordination Council for Humanitarian Assistance on Disaster Management.

He likewise hoped for Japan’s “strong” support and involvement in the programs of the ASEAN Centre for Biodiversity through the establishment and management of ASEAN heritage parks, as part of climate mitigation and adaptation strategy.