The Department of Trade and Industry (DTI) and the Benita & Catalino Yap Foundation (BCYF) have joined forces to boost innovation and entrepreneurship in the micro, small, and medium enterprises (MSMEs) sector in the Philippines. The two organizations signed a Memorandum of Agreement (MOA) on Tuesday, Nov 21, solidifying their commitment to supporting the growth and advancement of MSMEs in the country.
Speaking at the signing ceremony, DTI Secretary Alfredo E. Pascual stated, “We at the DTI remain committed to empowering our MSMEs through several digitalization and innovation efforts anchored on our science, technology, and innovation (STI) driven approaches.”
The MOA, signed at the DTI Board of Investments building, underscores the joint efforts of DTI and BCYF to create an environment conducive to the development of MSMEs in the Philippines. The partnership aims to drive sustained economic growth and comprehensive development for the country through innovation and entrepreneurship.
Founded by Dr. Antonio S. Yap, the BCYF is dedicated to championing innovative social solutions through Corporate Social Responsibility (CSR) and has a steadfast vision of fostering sustainable development and empowerment within communities across the Philippines and Asia.
One of BCYF’s key initiatives, Project Commerce, focuses on bolstering technology business incubators (TBIs) in various State Universities and Colleges (SUCs) across the country. This project aims to support technological advancements and entrepreneurial endeavors within these institutions.
As part of the collaboration, BCYF will work with DTI to execute the BCYF Innovation Awards and provide training and consultancy services in innovation and entrepreneurship to DTI business counselors and MSMEs, while DTI pledges to amplify BCYF’s initiatives by disseminating crucial information through official channels.
Pascual also emphasized that the DTI is ready to engage in collaborative projects with BCYF in Mindanao, in line with their shared vision of fostering innovation and development within the MSME sector.