A GROUP of micro, small and medium enterprises (MSMEs) in Cebu urged presidential aspirants to include in their platforms easy and efficient access to loans for MSMEs.

Filipino-Cebuano Business Club Inc. (FCBCI) president Rey Calooy said the provision of easy access to credit would enable MSMEs to grow and compete with larger companies.

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He lamented that some banks, including government-owned financial institutions, impose stringent requirements and tedious processes for MSMEs.

“This would dampen their (entrepreneurial) spirit and prompt them to turn to P500-P600 lending schemes or to banks with less stringent requirements but high interest rates,” he told Sun.Star Cebu.

He cited India, one of the fast-growing economies in the world where MSMEs get funding support from government.

Meeting

Calooy raised the concerns of MSMEs during a luncheon meeting with two presidential candidates-Sens. Francis Joseph Escudero and Manuel Roxas II-last Thursday at the Marco Polo Hotel Cebu. The meeting was part of the First Conference of Independent Business Clubs organized by the Makati and Cebu Business Clubs.

Escudero and Roxas both agreed on the need to change processes followed by lending institutions in relation to MSMEs.

The two senator also saw a need to provide extra incentives to MSMEs.

Calooy said the two senators made good promises.

FCBCI reminded the public not to take for granted the MSME sector since it has made major contributions to the country’s economy.

Citing figures from the Small Enterprise Research and Development Foundation (Serdef), Calooy said that 60 percent of exporters in the country are MSMEs that contribute about 25 percent to the Philippine’s total export revenues annually.

The latest Serdef data shows that of the 783,065 total businesses registered in the country, 92 percent are micro enterprises, generating around 1.3 million jobs. About 219,937 of these jobs are generated in Central Visayas.

Most of these businesses are engaged in wholesale and retail, manufacturing, hotel and restaurants, and real estate and renting.

FCBCI will also hold a series of enterprise talks and other activities during the observance of the MSME Week next month.