SME sector vital for Philippines to attain inclusive growth

CEBU, Philippines – Helping small and medium enterprises join the global supply chain and become more competitive will lead to inclusive growth in the Philippines, an official said.

Elizabeth Magsaysay-Crébassa, senior country representative for the Philippines of the US-ASEAN Business Council, said the SME sector, being one of the most important industries in ASEAN, should be taught on how they can fully maximize the benefits of integration.

“We support inclusive growth – that’s the thrust of ASEAN and APEC (Asia Pacific Economic Cooperation),” Crébassa told a press conference yesterday during the Workshop on Good Business Practices for Competitive SMEs in ASEAN in Cebu.

The training was sponsored by the US-ASEAN Business Alliance for Competitive SMEs, a partnership between US-ABC and US Agency for International Development with the Department of Trade and Industry. Business groups in Cebu also supported the workshop.

US company experts that are global members of US-ABC met with more than 150 SMEs yesterday for knowledge sharing on branding, logistics and e-commerce.

Crébassa said the meeting allowed local players to acquire information on applying new business tools and processes. Global firms such MasterCard, Microsoft Philippines, PricewaterhouseCoopers and UPS participated in the workshop.

DTI-7 Director Asteria Caberte noted during the conference it is important for Philippine SMEs to learn from foreign companies especially on how to improve competitiveness.

“This is a great leap us,” Caberte said, referring to the opportunity for knowledge sharing with foreign players on essential business solutions.

SMEs account for more than 96% of all enterprises and for between 50 to 95% of employment in many ASEAN nations.

The 2015 Asia Pacific Economic Cooperation, which the Philippines is hosting, is set to highlight the big contribution of SME industry in the country’s economy and its integration in global supply chains. — Carlo S. Lorenciana