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Wednesday, September 10, 2003
SMEs to benefit from Bimp-Eaga cooperation: EABC
By Christie Enriquez- Uayan
BETTER late than never. It took quite a while before the members of the East Asean Business Council (EABC) realized the huge potentials of the small and medium enterprises (SMEs) in fuelling a nation's economy.
Nine years after the inception of the Brunei, Indonesia, Malaysia, Philippines East Asean Growth Area (Bimp-Eaga), it's private sector counterpart, the EABC redirected its focus on helping the SMEs within the growth triangle, EABC Vice Chair and Mindanao Business Council (MBC) Chief Joji Ilagan-Bian said Monday.
"Before, people used to think that the EABC is only for the big businesses. This time we want the SMEs to greatly benefit from the cooperation," she announced during the EABC Board Meeting held September 8.
However, Bian was quick to add that there have been several efforts to strengthen the SME sector after the 1997 Asian financial crisis.
There were trade missions and market matching activities undertaken by the EABC in cooperation with the Bimp-Eaga governments.
Records by the Mindanao Economic Development Council (Medco) showed there were a total of 253 incoming missions from Bimp from 1994-1997.
Outgoing missions, on the other hand, numbered 97, with the country raking in a total of P374.53 million since 1994.
In 1997, Mindanao exports to Bimp-Eaga were valued at $55 million.
Bian said the EABCF succeeded in acquiring a total of $400,000 worth of technical assistance from the Asian Development Bank.
Bian said the bulk of the fund would be allotted to activities that directly enhance the capabilities of SMEs in the Eaga region.
Bian said many SMEs have the potential to make it in the international market but problems on the limited market access, lack of information and technical support from the government and private sector hinder their growth.
"Hindi kasi nila alam kung sino an tatakbuhan nila for asistance (They don't know who they will run to for assistance) and information," she said, adding that along with these obstacles, SMEs are also hard up in having access to financing.
(September 10, 2003 issue)
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