MSMEs brace for slow recuperation next year

CEBU, Philippines - As one of the frontrunners in the protection and assurance of proper benefits for the Micro, Small and Medium Enterprise, the Filipino Cebuano Business Club Inc. shared their hopes of recovery in 2010 along with the rebound of the country’s economy.

FCBCI chairman Rey Calooy shared that with any crisis that could hit countries worldwide, MSME players are the most affected and with the 2008 global financial crisis, MSME players in the Philippines, specifically in Cebu was badly hurt.

Calooy said that this is a challenge since MSME businesses play a vital role in the economy with more than 90 percent of the total number of businesses under these categories.

In Region 7 alone, Calooy previously shared that based on the data from the National Statistics Office, there are 378, 447 registered MSMEs in Central Visayas or 58.11 percent.

However, Calooy said that they are ready to face 2010 and handle the challenges that would come next to the slow recovery of the economy.

Calooy said that the recuperation of the market would be slow but could be managed through the help of significant dates that could boost the MSME industry.

He said that with the upcoming elections, a lot of industries would have the advantage like the printing press, PR agencies and the food industry.

Also, Calooy said compared to the previous Sinulog celebration which had a lost of cost-cutting measures, hopefully this year would be better and in turn would benefit more small businesses.

“There are a lot of things to expect in the coming year,” said Calooy who added that it is just suitable after a gloomy year for the sector which he rated five in performance from a rank of one to 10.

He said that 2009 was not really bad but it wasn’t that good either. Even with a slow recovery seen in the last quarter of 2009, Calooy said that they hope to see a better 2010 although it would be hard to fast-pace the recovery since other countries are still trying to bounce back. 

Calooy said that even if the country and the people have been used already to the unstable economy given the concerns of poverty and unemployment, the “Economic shake should still not be taken for granted and should pose as a challenge for the industries in the coming years, not juts 2010.”

With the stabilizing of the economy of big countries like Japan and US, Calooy said that they are cross-fingered with the positive effect this would do on employment.

“A lot would be going back to their businesses so hopefully they would hire back workers and those that were retrenched would have jobs again.”

This would also mean more remittances from Overseas Filipino Workers, which at present reportedly play a huge role in the country’s economy.

But in the meantime, Calooy said that they will be doing their best to heighten the chances of the MSME players develop in 2010 and expand their respective businesses.

Part of the efforts for 2010 that they wish to have stronger support is to continually tap the younger generation to go venture in to business.

Calooy said that they will continue on going around the different universities to inspire the youth on the advantages of investing their time and effort on MSME’s. —AJ de la Torre