DBP launches 3 SME programs

In his coat and tie, Trade Secretary Cesar Purisima stood out during the Independence Day celebration of the Development Bank of the Philippines. Everybody else–from chairman Vitaliano Nanagas II and president Simon Paterno to the security guards–wore barongs, kimonas, ternos, and the like. (In fact, some of the best-dressed bank employees were asked to show off their Filipiniana in a fashion show).

The highlight of this year’s celebration was, however, the launch of three new programs for small- and medium-sized enterprises. Aimed at helping SMEs expand and become globally competitive, these programs are:

• an electronic marketplace for SME receivable purchases–this factoring scheme basically provides an SME with cash by auctioning its receivables from accredited top 100 companies such as San Miguel Corp., regardless of the payment terms of its big brother/client;

• a capability building program for small business counselors working with the Department of Trade and Industry; and

• a food safety program–this aims to help food exporters in obtaining Hazard Analysis Critical Control Points certification, a major requirement in entering the American market. –MJGrey