The governments of Australia and Canada have also come in to fund the program which will have three key areas for assistance namely, rural finance, seaweed and investment climate reform.

In Davao City alone, Bureau of Fisheries and Aquatic Resources regional director George Campeon bared that seaweed production have sprouted in the Lasang and Tibungco shorelines, covering around 60 hectares. The harvested seaweeds are shipped to Cebu, Campeon said.

The SME sector is acknowledged to have contributed 69.1 percent of national employment and comprised 99.6 percent of business establishments in the country.

Undersecretary Virgilio Leyretana, chairman of of the Mindanao Economic Development Council (MEDCo), praised the implementation of PEP program in Mindanao and pointed out that the undertaking will "significantly contribute to government’s effort of empowering SMEs as potent force in the nation’s war against poverty".

"With the current development imperatives in Mindanao, it is fortunate that IFC is here to assist us in upgrading the productivity and value-added capabilities of our SMEs," he said.

Leyretana said the IFC and MEDCo can collaborate in convening the local government units and discuss areas of improvement in business registration procedures and other governance-related programs.