The Department of Science and Technology (DoST) has launched a program to help businesses in the metals and engineering sector adopt new technologies through zero-interest financing.
Eligible small, medium, and large enterprises can receive up to P5 million in assistance under the Small Enterprise Technology Upgrading Program (SETUP), a flagship initiative of the DoST.
The funding is repayable over three years, with repayment beginning after the first year and carrying 0% interest, according to DoST Secretary Renato U. Solidum Jr.
The program aims to help micro, small, and medium enterprises (MSMEs) become bigger and more competitive, with the DoST Secretary stating that the real goal is to enable them to become medium-sized enterprises.
AutoNorte, an auto parts and accessories trading business in Ilocos Norte, is among the beneficiaries of the SETUP program, having received P1.1 million in assistance to acquire additional equipment.
The equipment includes a four-post lifter, tire changer, wheel balancer, and high-precision computerized wheel alignment machine, which has enabled the business to improve its productivity and services.
The DoST reported that the business has cut its service time in half, increased its number of clients by 30%, expanded its service volume by 50%, and created three additional jobs, thanks to the equipment acquired under the program.
The DoST Secretary stated that the agency is committed to supporting MSMEs beyond the SETUP program through its partnership with the Land Bank of the Philippines, enabling qualified beneficiaries to access additional financing.
The DoST's SETUP program supports MSMEs in priority industries such as food processing, agriculture and aquaculture, furniture manufacturing, textiles, health products, and information and communications technology (ICT), among others.
Since the program's inception in 2002, it has assisted more than 100,000 MSMEs, the DoST reported.
