Philippine President Rodrigo Duterte, right, and his partner Cielito Avancena, center, poses with Myanmar State Counsellor Aung San Suu Kyi, before the start of the Special Gala Celebration of the 50th Anniversary of ASEAN in Manila, Philippines on Sunday, Nov. 12, 2017. The gala marks the 50th anniversary of the Association of Southeast Asian Nations. (AP Photo/Aaron Favila-POOL)
President Rodrigo Duterte vowed on Sunday to introduce changes in the national budget to funnel more funds into small businesses that help prop up the Philippine economy.
Speaking at the Association of Southeast Asian Nations (Asean) Business and Investment Summit, Mr. Duterte said focus should be given to the “small guys,” especially now that the government had received a boost in revenue collection.
At the same forum, Myanmar State Counselor Aung San Suu Kyi invited the private sector of Southeast Asian neighbors to take part in her country’s push for development.
“Next year, I’d like to make some late changes in the GAA (general appropriations act), the annual budget. I would like to pour more money in these medium, small, micro enterprises (MSMEs),” Mr. Duterte said.
“So you guys, the small businessmen, maybe a few billions here and there would suffice,” he added.
The President later jokingly asked if P50 billion would be enough.
Basic economic unit
Mr. Duterte said he would pour capital into small businesses because he learned from his meetings at the Asia-Pacific Economic Cooperation Summit in Vietnam last week that “the basic unit of the economy has always been moved by the MSMEs,” he said.
Around 80 to 85 percent of the world is run by MSMEs, he added.
Mr. Duterte said the funds for the MSMEs would come from big tax delinquents who had finally paid up.
Philippine Airlines recently settled P6 billion in arrears after a threat from the President to close down the airport terminal it was using if it would not pay up.
Before this, cigarette manufacturer Mighty Corp. entered into a P40-billion settlement with the government over its tax delinquencies.
Suu Kyi invitation
In her keynote speech at the Asean Business and Investment Summit, Suu Kyi said doing business in Myanmar was now done “the right way” unlike its corruption-ridden past.
“So let me take this opportunity to say I invite you all to join in the development of Myanmar,” she said.
Suu Kyi said her country’s economy was growing “rapidly” due to reforms and structural changes.
She noted that Myanmar’s youngest entrepreneurs were a “vigorous lot” and that women were doing well in business.
Suu Kyi also said that Myanmar was enhancing integrity in business.
New possibilities
“I was talking earlier of the new possibilities that have opened up in our country and I couldn’t help but mention the fact that some of those who had engaged in business in Myanmar previously say it was much easier then because you only have to know whom to bribe,” she said
She said it was “a lot more difficult to do more business now because you have to do business the right way. Integrity plus business.”