OTOP exceeds targets, gets more funds

The One-Town-One Product (OTOP) project of the Department of Trade and Industry (DTI), a five-year project which formally ended in 2010, will be continued for another five years.

The DTI decided to extend the program as it had “proven to be an effective strategy for economic development.  It was included in the 2004-2010 Medium-Term Philippine Development Plan and was conceived mainly to promote entrepreneurship and create jobs.

During its five-year run, the OTOP program surpassed all of its key targets.  According to DTI data, the program generated close to P11.2 billiion in investments from 2005-2010, 50 per cent more than its original target.

It also generated almost P16.6 billion in domestic sales, 34 per cent higher than projected, and $677.2 million in export receipts, 30 per cent more than expected.

The House of Representatives, through Committee trade and industry chair Albert Raymond Garcia pledged to support the program not only in terms of funding but also through legislation.  The extended run of the OTOP will be funded from the P402 million budget for the development of micro, small and medium enterprises recently approved by the House.

Part 2 of the OTOP program was formally launched two weeks ago at the first OTOP National Expo held at SM Mega Mall Exhibit Hall.  The DTI will also establish permanent outlets in Metro Manila and other strategic places of the country where OTOP products can be sold to the public.

Adapted from “MSMEs get P402M from House,” Philippine Daily Inquirer, page B3-5

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