THE DEVELOPMENT Bank of the Philippines (DBP) will provide micro, small, and medium enterprises (MSMEs) greater access to financing, including free financial advisory services, the Department of Finance (DoF) said.
Finance Secretary Carlos G. Dominguez III said that the DBP provided P13 billion worth of loans to small enterprises in the first semester, and is hoping to expand the segment’s access to credit.
“The Development Bank of the Philippines, for its part, has also provided funding support for MSMEs. As of June this year, the DBP has extended P13 billion in loans to small enterprises,” Mr. Dominguez was quoted in a statement as saying.
“In addition, the DBP will capacitate all its account officers so they may extend financial advisory services to MSMEs for free,” Mr. Dominguez said.
“The DBP will likewise open additional Lending Centers to be closer to its clients, partnering with microfinance institutions and cooperatives to support small businesses.”
Mr. Dominguez also said that Land Bank of the Philippines has provided P89.8 billion to MSMEs as of 2017.
Mr. Dominguez also noted government initiatives that will make doing business easier for such firms, following the enactment of the Ease of Doing Business in May, which shortened the processing time of documents required by businesses from the government.
He also noted the Trade Net national single window system that was piloted in December, with 18 initial trade-related government agencies, with the Bureau of Customs being “the first to go live this month.”
Mr. Dominguez also said that the government is ready to implement its digital payment gateway as well as the single repository of business registration information.
“We are ready to run PHPAY. This is a digital payment gateway that will enable taxpayers and other state clients to remit fees and other charges electronically. This will dramatically cut transactions costs across the board. It will also drastically cut corruption associated with primitive payments systems,” he said.
“We are well on our way to start testing the Philippine Business Data Bank (PBDB). This will be the single repository of business registration information in the country. This too will enhance information sharing and hasten business transactions,” he added.
“The government is fully committed to fostering the growth of our small businesses. We are eager to listen to feedback from groups like this one to further improve on the policy reforms already done,” he said. — Elijah Joseph C. Tubayan

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