Department of Trade and Industry (DTI) secretary Ramon M. Lopez has unveiled the Securing Manufacturing Revitalization and Transformation (Smart) program to business leaders and manufacturers present at the Manufacturing Summit 2019 held at Manila Peninsula Hotel, Makati City, early this December.
Speaking at the event, Lopez said the program’s objectives is aimed at revitalizing the manufacturing sector to continue its growth trajectory and help transition the industries to Industry 4.0.
He explained that the projects to be supported under the program would have to be performance-based, targeted, time-bound, and transparent.
“The Smart program will support the adoption of Industry 4.0 technologies, upgrading processes, upgrading products, upgrading services, and development of new business models,” Lopez said. “For this, we are proposing to spend P25 to P30 billion to support small, medium, and even large companies for a period of three years,” he furthered.
The program will support the industry through soft loans, grant vouchers, incentives (through the SIPP), standards, safeguard measures, fund support (similar to the CARS program), and reduction in trade barriers.
The following criteria will be considered in the selection of firms under the Smart program:
At present, DTI is eyeing the following programs for funding support under Smart:
The Smart program supports the new flagship industrial strategy of the government as it is consistent with the Philippine Development Plan, the i3S (Inclusive Innovation Industrial Strategy), and the inclusive Filipinnovation and Entrepreneurship Roadmap.