BPI Foundation supports SMEs

A financial management training for small business, "Show Me, Teach Me, SME: Empowering Enterprenuers," will be held at the Manila Intercontinental Hotel on April 7 in time for the annual stockholders’ meeting of the Bank of the Philippine Islands (BPI).

The BPI, the BPI Family Savings Bank and the BPI Foundation has been conducting the program in key cities to teach financial and credit management to firms with asset sizes from P3 million to P5 million, and work forces of less than 100. Started last year, the program has been held in Davao, Cebu, Iloilo, Angeles City, and Batangas City.

"This project is meant to strengthen the organizational capabilities of entrepreneurs. Since the BPI Foundation is committed to expanding SME opportunities, the program is being rolled out further to Naga, Dagupan, Cagayan de Oro and Metro Manila," BPI Foundation executive director Veronica Tapi-Merck said.

SMEs are the backbone of the economy, comprising 70 percent of the total employment, and 32 percent of the gross domestic product (GDP).

Recognizing this, government financial institutions and private banks have often windows for loans and granys to SMEs. But the small business often have difficulty in accessing credit due to their failure to comply with lending requirements.

For this reason, the "Show Me, Teach Me, SME" program was launched to help SMEs in their financial management for them to make a better case of their credit worthiness. Volunteer financial experts from BPI and BPI Savings Bank also mentor the participants for three months after their basic training.