The Department of Trade and Industry - Regional Operations Group (DTI-ROG) and BPI Globe BanKO agreed to extend technical and financial assistance to micro, small and medium enterprises (MSMEs) clients of Negosyo Centers through a Memorandum of Agreement.
DTI Undersecretary for Regional Operations Group Zenaida Maglaya expressed optimism on the agreement, noting that MSMEs are in need of financial support to capacitate their businesses.
"It's something very welcome for us because it's really the [financial] access that really seems to be the problem. Making the MSMEs understand morewhat it takes for them to be capacitated. I think that's one thing that has to be done," Maglaya said of the persistent problem facing MSMEs.
The agreement, signed last October 6, 2016, will provide technical and financial assistance to MSME clients of Negosyo Centers which include conduct of financial wellness seminars, access to financial services, and present to MSMEs benefits of taking up a business loan to expand businesses.
The BPI Globe BanKO will also conduct financial wellness talk to MSMEs on topics such as basic information on loans, benefits of applying for a business loan, financial schemes, among others.
Ma. Josephine Velasco, Assistant Vice President for BPI Globe BanKO said that the signing reinforces BPI Globe BanKO's commitment to serve MSMEs.
"We are here to help them [MSMEs]. We support this project and we pledge our 100 percent commitment," Velasco said of the agreement.
Velasco explained that to maximize the assistance, the BPI Globe BanKO would also simplify the on-boarding processes for MSMEs such as the processing of permits, identification cards, credit investigation, loan grants for business expansion.
"We really want to simplify the onboarding process for MSMEs who cannot provide documents. We came up with a solution, innovative ways for them," she added.
Source: Philippine Information Agency