Thursday, September 22, 2005
Medco chair cites need to boost SME programs
PROGRAMS on small and medium enterprises (SMEs) should be further strengthened now, Mindanao Economic Development Council (Medco) chair Jesus Dureza said.
During last week's 14th Mindanao Business Conference (MBC), Dureza said strengthening of programs for the SMEs of Mindanao should be made now in order to grasp the many opportunities that are opening both at the local and sub-regional levels.
"It is our view that the thrust of promoting sustainable economic development of Mindanao can be pursued through the empowerment of small enterprises. By their sheer number, comprising about 99 percent of the total number of business establishments in the country, the SME sector serves as our indispensable partner in addressing poverty in Mindanao," he said.
SMEs, Dureza added, provide the most number of employment and livelihood opportunities in all sectors of the economy both in urban and countryside areas.
"Sadly, however, despite having outnumbered the country's large firms, the SME sector contributes a meager share of value-added compared to their large counterparts. They are wanting of specific interventions from the government that will enhance their capacity to stimulate long-term economic growth, create opportunities for employment, and sustain poverty reduction," he said.
Dureza said the private sector should work together with the government in providing the sector with business development services, infrastructure and policy support, and the most needed financing assistance.
Through this way, Dureza concluded, the SMEs entrepreneurial capabilities will be reinforced. (JMM)
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