MANILA, Philippines - The Financial Executives of the Philippines (FINEX) aims to have a total of 200,000 micro, small and medium enterprises (MSMEs) registered with the SMEplus portal, an online tool for facilitating easier access to financing of entrepreneurs, by next year.
In a press briefing yesterday, FINEX Foundation for Entrepreneurship Inc. vice president Victor Dela Dingco said they are looking to have 200,000 MSMEs registered to the portal by next year.
He said they want to increase the number of registered MSMEs to the portal as they aim to develop the sector.
FINEX Foundation for Entrepreneurship Inc. president Roberto Borromeo said that at present, there are between 16,000 to 18,000 registered MSMEs to the site.
The portal is intended to help MSMEs have greater access to credit as it serves as a platform where businesses and lending institutions can meet.
Through the portal, MSMEs can post their loan requests and communicate with banks registered with the website.
To date, 13 banks have registered with the site.
“Banks are wary to lend (to MSMEs) because of high risk and also because they do not have knowledge in lending to the MSME sector which is not the same as lending to big corporations,” Borromeo said.
Through the portal, he said MSMEs, would have greater access to credit and banks would also have knowledge about the needs of entrepreneurs.
Banks would likewise be able to comply with the requirement of lending to that sector.
Officials declined to give an outlook in terms of expected loan requests or transactions through the site but said that once those have been made, they are also looking at providing other services.
Dela Dingco said among the other services being eyed is to allow MSMEs registered with the portal to link with entrepreneurs in other countries through another site to help facilitate their plans to expand overseas.
The additional services, he said, are also expected to help promote the development of the MSME sector.
“If we have strong MSME, the Philippines becomes a more attractive investment destination,” he said.