PCCI gets 1st tranche of P24M SME dev’t fund

PCCI gets 1st tranche of P24M SME dev't fund
By Abigail L. Ho
Philippine Daily Inquirer
First Posted 21:01:00 03/21/2011

Filed Under: Small Business, agreements, business, Entrepreneurship
MANILA, Philippines—The Philippine Chamber of Commerce and Industry on Monday received P24 million in funding from Senator Francis Pangilinan for a project that aims to develop micro, small and medium enterprises, particularly in the provinces.

The fund turnover came after Monday's signing of a memorandum of agreement for the project, dubbed Promoting Regional Opportunities for Enterprise and Livelihood (Propel) Development.

Principal signatories to the agreement are Pangilinan, Trade Undersecretary Merly Cruz, PCCI president Francis Chua and PCCI board members Miguel Varela, Sergio Ortiz-Luis Jr., Francisco Floro, Antonio Keh, Apolinar Aure and Nelson Yuchongtian.

According to the PCCI, the first tranche of the project funding will be devoted to programs for bamboo farmers and entrepreneurs in Pampanga, start-ups and displaced overseas Filipino workers in Angeles City, OFWs and marginalized MSMEs in the National Capital Region, and One Town, One Product producers in Palawan and Rizal.

Propel Development is targeted to boost economic activities in 22 pilot provinces. The program was originally developed as part of the 2004-2010 Medium-Term Philippine Development Plan and 2004-2010 SME Development Plan.

The P24-million funding came from Pangilinan's priority development assistance fund.

Assistance to be given to identified beneficiaries in target areas include livelihood training and seminars, capability enhancement, product development and packaging, product branding systems and technology transfer.

Propel Development likewise aims to equip MSMEs with effective production and marketing techniques through proper management skills, innovative mechanisms for industry linkages for the development of supply and value chains, and information that will grant them access to financing.

The program is also designed to boost the service capabilities of business support organizations, such as local chambers and industry associations, as well as improve the policy environment for MSMEs.

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