CAGAYAN DE ORO CITY (PIA) – Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual underscored Northern Mindanao’s capacity to emerge as a hub for innovation and economic advancement.

Speaking at the 2024 Northern Mindanao Regional Innovation Program and Exhibit (NorMinRipe) held at SM City Cagayan de Oro Uptown from April 22 to 24, Pascual hailed the region’s diverse talents, cultural richness, and abundant natural resources as foundations supporting local businesses. 

“By identifying, nurturing, and promoting local products and services, we create community pride and stimulate economic growth from within,” he said in a video message.

Pascual also highlighted DTI’s efforts to cultivate an environment conducive to entrepreneurship and innovation in Northern Mindanao. 

"We have designed programs to empower micro, small, and medium enterprises (MSMEs) with financial assistance and training in marketing strategies and innovative practices,” he stated.

Among these initiatives is the financial support provided to MSMEs through the Small Business Corporation (SB Corp.) to facilitate the initiation or expansion of their operations. Moreover, the Kapatid Mentor ME (KMME) initiative equips entrepreneurs with the necessary knowledge and skills to thrive in today's competitive landscape.

Pascual also emphasized the significance of the Shared Service Facilities (SSF) Project, which grants entrepreneurs access to vital resources like machinery, equipment, and technical expertise. This initiative, he said, enhances productivity and competitiveness, enabling Filipino products to penetrate global markets.

He likewise cited the One Town, One Product (OTOP), which reinforces the DTI's commitment to local economic development. He said the program not only bolsters local enterprises but also celebrates the unique cultural heritage of communities.

The NorMinRipe, organized yearly by the regional offices of DTI, the National Economic and Development Authority (NEDA), Department of Science and Technology (DOST), and the Cagayan de Oro Chamber of Commerce and Industry Foundation, Inc. (Oro Chamber), aims to raise public awareness and support for innovation in alignment with Republic Act 11293 or the Philippine Innovation Act.

"In our fast-changing world, harnessing innovation is more crucial than ever to boost our economy and envision a brighter future for our country. The theme of this program and exhibit, “Reshaping the Future and Advancing Filipinnovation in Region X,” underscores our aspiration for inclusive and innovative ‘Bagong Pilipinas.’ We aim to nurture mga ‘Bagong Pilipino’ who innovate and elevate the quality of life within their communities,” Pascual remarked.

DTI Assistant Regional Director Almer Masillones echoed the same sentiment, emphasizing that fostering an innovation-driven environment not only drives economic growth but also cultivates a workforce adept at navigating contemporary challenges.

“Innovation is at the forefront and center of our nation's strategic policies and programs. By prioritizing innovation, we empower industries to flourish in an increasingly competitive global landscape. With innovation, resilience is built among industries, enabling them to navigate future uncertainties with agility and adaptability," she said.

Masillones said an innovative environment attracts more investments and more businesses, which can lead to a progressive job market, economic expansion, and the development of a highly skilled workforce. (APB/PIA-10)