Palace hails PHL ranking on micro-enterprises-A A +A
Saturday, October 27, 2012
MALACANANG lauded Saturday the recent ranking made by the international think tank, Economist Intelligence Unit (EIU), naming the Philippines as one of the best places for micro-enterprises in the world.
Deputy presidential spokesperson Abigail Valte said it was a good news because micro-financing helps small businesses in the country.
“That’s good news for us. Micro-financing is very important in the way that it helps our small and medium start-ups to be able to get their business off the ground,” she said in a radio interview over state-run dzRB Radyo ng Bayan.
“That’s good that at least we can maintain our ranking," Valte stressed.
The country was again named one of the countries with the most favorable environment for micro-enterprises, ranking 4th among 55 countries surveyed by the EIU. This is a two-notch improvement from the 6th place that the Philippines had in 2011.
In its report entitled “Global Microscope on the Microfinance Business Environment 2012," the EIU said that regulations imposed by government entities like the Central Bank helped the Philippines remain in the top 10 countries with the most micro business-friendly environments.
Regulations supportive of the development of micro enterprises in the Philippines include the increase in loan amounts extended by banks to micro enterprises and the wholesale lending of government-owned banks to benefit micro-enterprise borrowers.
The country scored 63.3 points in the overall micro business environment. Outperforming the Philippines were Peru (79.8 points), Bolivia (71.8 points) and Pakistan (67.4 points). (SDR/Sunnex)