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PIA Press Release
2008/11/26

Importance of small and medium enterprises underscored

San Jose, Antique (26 November) -- Pres. Gloria Macapagal-Arroyo had long been underscoring the importance of SMEs in national development and in the fight against poverty even before the global credit crunch.

Earlier, the President directed the release of P100 billion to various microfinance institutions for them to provide financial support to SMEs which she said, are crucial in creating a robust middle class, a key factor in the first World Status in 20 years.

To further support this, the President has directed a massive investment in public infrastructure that include the establishment and rehabilitation of strategic roads and bridges, airports and seaports. She also initiated the roll-on roll off ferry system to further connect the country's islands and open more economic opportunities across the country.

The President had also tasked the Department of Trade and Industry (DTI) through the SME Dev't Council (SMEDC) including the "Go Negosyo" team of the Philippine Center for Entrepreneurship to pursue government efforts in the promotion, growth and development of globally competitive SMEs in the country.

The DTI helps SMEs sustain their growth through product development, provision of appropriate technology, seminars of quality and productivity, and market matching via various festivals and expositions generating business and trade opportunities for thousands of Filipino exhibitors.

Notwithstanding the global crisis, prospects still look rosy for Philippine SMEs because of continuous government support and the sufficient supply of highly qualified workforce. (PIA) [top]

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