NEDA seeks ways to improve credit facility

PUERTO PRINCESA CITY, Dec. 20 (PIA) –- The national government is working on ways to improve the present system of extending credit facility especially for the small and medium enterprises (SMEs), the National Economic Development Authority recently disclosed.
While the national government is already giving enough attention to small businessmen, Economic Planning Secretary Cayetano Paderanga admitted that there is much to be improved yet on the present lending system particularly for SMEs.
“Malakas ang tulog natin sa mga SMEs. Pero kulang pa rin,” he noted during the recent Philippine Economic Briefing here which drew businessmen, heads of government agencies and representatives of various civic and business groups. The gathering was held in time for the Regional Development Council full council meeting.
Continuing improvement of infrastructure like construction of roads and bridges in a way help the SMEs, he said. But government can help them more directly by making the lending process simple to fast track applications.
He said that there are indeed credit facilities being extended by various government financing institutions but measures have to be worked out to make such facilities easier to access in consonance with the thrust of the administration to promote investment-friendly initiatives.
Paderanga said small entrepreneurs can avail of the new credit surety fund being extended by local government units in cooperation with cooperatives.
The present administration, he stressed, is committed to good governance by cutting red tape which, he said, is crucial in addressing pressing concerns especially poverty.
by Danny O. Sagun (DOS/PIA Mimaropa)