Banks open loan windows to micro entrepreneurs

• Source: http://www.pna.gov.ph/index.php?nid=3&rid=824953
• Monday, November 9, 2015

(PNA), CTB/PGL/PR/CBF

ILOILO CITY, Nov 9 (PNA) - - Eight commercial banks and microfinance institutions here offered reasonable loan packages to support the development of micro, small, and medium enterprises (MSMEs) assisted by the provincial government.

Ranging from P10,000 to half a million, the credit opportunities were shown and explained to 33 MSMEs from Janiuay, Miagao, Passi City, Oton, Barotac Viejo, Concepcion, Calinog, Carles, Leganes and Ajuy during the recently-concluded Financing Forum.

The forum held in Eon Centennial Hotel was organized by Iloilo’s Negosyo Center in partnership with Department of Trade and Industry and Local Government Support Program-Local Economic Development.

Japhet Padasas, staff of Negosyo Center, explained that the forum aimed at improving MSMEs’ access to credit facilities. It likewise gave them an array of credit information directly from representatives of financing institutions through presentations and one-on-one consultations.

As of 2012, 99.58 percent of the 944,897 businesses operating in the Philippines were MSMEs — 844,764 were micro enterprises, 92,027 were small enterprises, and 4,095 were medium enterprises.

Majority of these MSMEs or 436,809 business establishments were into wholesale and retail trade, repair of motor vehicles and motorcycle industries, based on the data from DTI.

A total of 53,746 of these MSMEs could be found in Western Visayas; making it one of the top five regions in the country with most number of MSMEs.

Iloilo alone, through the support of various national agencies and non-government organizations, assists in the development of 129 MSMEs using support services such as, but not limited to marketing, product development and business planning.

Local Economic and Investment Promotion Officer Velma Jane Lao said MSMEs are vital to the growth of the country since they are the number one creator and provider of jobs and effective tool in poverty alleviation.

“Helping them grow would mean helping the nation grow as well,” she stressed.

Aside from bridging MSMEs to local financing institutions, Negosyo Center provides business counseling and technical assistance to MSMEs like business matching, marketing, business advisory, skills training, product development, management training and business planning.