SMEs get boost from APEC leaders
by ES Subong
Iloilo (24 November) -- The leaders of the Asia-Pacific Economic Cooperation (APEC), has committed to sustain support for the development of small and medium enterprises (SMEs) as means of addressing the global crisis and strengthening economic growth.
The APEC leaders said they will continue to take actions, work closely in a coordinated and comprehensive manner, to stabilize their respective financial sectors, strengthen economic growth and promote investment and consumption.
They further said that they will also support efforts by export credit agencies, international financing institutions and private banks to ensure that adequate finance is available.
The Philippine government, on the other hand, had been underscoring the importance of SMEs in the fight against poverty even before the global crunch.
President Arroyo had earlier directed the release of 100 billion to microfinance institutions for them to provide financial support to SMEs, which are a key factor in the fulfillment of her vision for the Philippines to attain First World Status in 20 years.
Actions are also being pursued by the Department of Trade and Industry through the Samll and medium enterprise Development Council including the "Go Negosyo" team.
DTI records showed about 11,399 SMEs registered in Western Visayas, employing about 45,805 workers with an investment of P7.8 million. (PIA 6) [top]