SMIC commits support to small businesses

MANILA, Philippines — SM Investments Corp. , the listed conglomerate of the Sy Group, said it remains committed to supporting micro, small and medium enterprises (MSMEs) through its core businesses namely retail, property, and banking.

The company, through the different operations of the group, supports the businesses of MSMEs and would continue to do so by connecting them to more buyers as well as supporting their funding needs, SM Investments vice chairperson Teresita Sy-Coson said.

At present, 68 percent of SM Supermalls’ tenants belong to the MSME sector.  SM Supermalls also serves as a marketplace for over 90,000 MSMEs, connecting them with their buyers.

In terms of financial support, the SM Group extended additional funding to MSMEs through its banks BDO Unibank Inc. and China Banking Corp.

The two banks combined accounted for over P62 billion in outstanding loans to MSMEs in 2022, according to the SM Group.

“Starting as a small enterprise ourselves, we recognize MSMEs as a driving force for innovation. They are the ones who bring new ideas, new concepts, new offerings to the consumers. That’s why we remain committed to supporting the growth and empowerment of MSMEs,” Sy-Coson said.

These initiatives of support for MSMEs would continue, she added, as these MSMEs, which account for over 99 percent of business enterprises operating in the Philippines, have tremendous opportunity for growth.

Joey Concepcion III, founder of the Philippine Center for Entrepreneurship–Go Negosyo, notes the important role of both the government and the private sector during a panel discussion at the 2023 National MSME Summit held recently.

“The integration between government and the private sector will create a faster car,” said Concepcion.

“Crucial to this are our big brothers in retail, agriculture, and many others. I am glad that many of our big brothers are taking an active role to embrace MSMEs into their value chain,” he added.

SM StartUp Market, one of SM’s MSME support initiatives, also recently launched its second batch of new businesses that joined the program in SM City Fairview earlier this year. The first batch of these enterprises was launched in October 2021 to help online businesses set up their first physical stores.

The package comes with start-up-friendly rates and the use of kiosks or carts free of charge.