Biz groups back One Town, One Product of DTI

Two of the country’s leading business groups have given their support to the One Town One Product (OTOP) program of the Department of Trade and Industry (DTI) by opening a multi-million credit line for small and medium-sized enterprises (SMEs).

In a statement, Trade Undersecretary for Regional Operations Carissa Cruz-Evangelista said the Federation of Filipino Chinese Chamber of Commerce and Industry and the Philippine Chamber of Commerce and Industry (PCCI) have signed a memorandum of agreement (MOA) with the DTI giving OTOP entrepreneurs access to the groups’ financing program.

PCCI has set aside P850 million for lending to small firms while Filipino-Chinese chamber has agreed to give SMEs access to accredited financing programs.

Aside from financial support, Evangelista said the two chambers likewise agreed to work closely the with DTI in finding the best investments   suited for a specific locality.

The businessmen also agreed to lend their support to SMEs who wish to gain access to domestic and foreign investments and markets.

The OTOP program, which is part of President Arroyo’s  plan to revitalize countryside growth through entrepreneurial assistance to micro and small firms, already have nine existing MOAs with six government organizations and three private institutions. Evangelista said the partnership will help push the OTOP program through special projects.

"These partnerships are key elements for the promotion and development of OTOP products both within and out of the country," she said. The partner organizations are Air Transportation Office (ATO), Philippine Information Agency (PIA), League of Cities of the Philippines (LCP), League of Municipalities of the Philippines (LMP), National Economic and Development Authority (NEDA), Philippine Small and Medium Business Development Foundation, Philippine Export Confederation (Philexport), Philippine Center for Entrepreneurship and National Livelihood Support Fund.

Partnership with the local government will help OTOP with its development plan while NEDA will assist in product development and design monitoring prototype financing and the development of regional brand and labeling. PIA, meanwhile, will promote OTOP by giving creative and technical assistance in planning, conceptualization, development, production and delivery of multi-media materials.

For its part, Philexport, through its regional and sectoral support fund, will help in export promotion. This means assistance in trade fairs and exhibitions and other selling missions.