Big businesses vow support for MSMEs

MANILA, Philippines - Big businesses led by the Ayala Group, San Miguel Purefoods Co., SM Retail and the Philippine Long Distance Telephone Co. (PLDT) have pledged support for the Micro, Small and Medium Sized Enterprises (MSMEs) through a program that aims to develop the countryside by matching small businesses and their products with the needs of large corporation in urban centers.

During the launch of the Philippine Business Matrix program, Philippine Chamber of Commerce and Industry (PCCI) president Francis L. Chua said that MSMEs chosen by the business group will have an assured market because the big corporations will be sourcing their supplies from them.

Other big corporation’s that pledged to support the program were JG Summit, Smart Telecommunications, Pure Gold Price Club, MegaWorld Corp., Metro Gaisano, Phil Seven Corp., Zest-O Corp. and Waltermart Supermarket Inc..

Aside from the assured market, the MSMEs that will be participating in the program will have access to financing. Banks will be able to lend money to them without the necessary provision. Normally, banks are required to have a minimum deposit level that is a percentage of their money at hand. This provides the necessary protection so that not all the money is being lent.

The program will provide a computerized database of buyers, suppliers, manufacturers and service providers who are in the business of sub-contracting their operations or sourcing their supply input requirements.

It will likewise provide a market by sourcing purchase orders from buyers that will be matched with suppliers and producers meeting specifications.

It will provide access to financing by endorsing qualified members to the Small Business Corporation and participating financial institutions. The Bankers Association of the Philippines (BAP) and the Chamber of Thrift Banks were represented by their respective presidents during the signing yesterday.