CEBU, Philippines - The business community in Cebu is urged to take bold moves in strengthening the micro-small and medium entrepreneurs (MSMEs) amid the threatening ultra competitive environment.
Cebu City Mayor-elect Tomas Osmeña called the attention of Cebu Chamber of Commerce and Industry (CCCI) leaders to provide dedicated people within the organization to focus on bringing out the potential of micro and small players in the business sector.
Osmeña cited the perennial problem on the existence of loan sharks, which he said is impeding the growth of small businesses and in fact are only making it harder for the micro-entrepreneurs to thrive.
The Chamber, whose membership base is mostly composed of businesses that have already etched their name in the industry need to reach out to small business players and help them grow so they won’t be devoured by competition, especially with the ASEAN Economic Community.
Osmeña said that the chamber's top priority should be directed to growing the SMEs capacity to compete and improve revenue, mentioning the concept of supporting and organizing "Farmers Market" and other similar initiatives.
Small businesses should be given an opportunity to change their views of how to do business in this modern economy, wherein global perspective is imperative.
"The world will never adjust to us. We have to adjust to the world," said Osmeña.
On the other hand, newly formed officers of the CCCI led by president Melanie Ng, already mentioned their stance on helping the micro and SME players in Cebu, especially in connecting these players to proper and legal financial agencies.
Financing issues, as well as improving financial literacy among employees, are two of the identified priorities that will be given attention by the newly elected officers of the Chamber, said Ng.
Ng, together with the new officers vowed to serve as bridge between the financial institution and the entrepreneurs, specifically the micro and small businesses.
According to CCCI vice president for external affairs and relations Teodoro B. Locson, Jr., while majority of the chamber's membership base are MSMEs (micro, small and medium entrepreneurs), the issue on capitalization requirement regardless of the size of the company always comes on top of the list. (FREEMAN)