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Japanese bank to provide funds for SMEs |
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(07 July 2004, Wednesday - Philippine Daily Inquirer)
By Ronnel W. Domingo THE JAPAN Bank for International Cooperation has pledged funds to support the government's program to develop small and medium enterprises. Trade Secretary Cesar V. Purisima said Tuesday that the JBIC was willing to provide technical assistance to SB Corp., the agency tasked to nurture SMEs by providing financial and technical assistance. Purisima said he met recently with Osamu Murata, JBIC chief representative in Manila, and asked for the lender's help in providing financial and technical aid for SMEs that will engage in manufacturing. "Most of the country's SMEs are middlemen," he said. "The government intends to channel the Filipino's entrepreneurial spirit to the manufacture of goods to increase the country's output." Purisima said the food business was a priority sector that needed funds. "[Firms in food manufacturing] need to have refrigerated warehouses and packaging facilities to prevent inventories from spoilage and increase their export capability," he added. Purisima said, however, that JBIC loans intended to support the SMEs would not be available until next year as loans programmed for 2004 were almost used up. The DTI chief said he specifically requested for JBIC to help set up "incubation" offices that would provide SMEs with advice on finance and marketing. "Small businesses in Japan are successful because of the proper guidance and nurturing of such offices," he said. "We want the help of Japanese experts in setting up model incubation offices that would guide business start-ups until they can run on their own," he added. |
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