Today's Issue
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Editor's Take: Against the Odds
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SME News: Microlending ‘sexy’ again, P74B lent out in 5 years, says DOF
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Tax Calendar
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Events:Events: Management Development Program (November 5 to 6), Food Labeling Requirements (November 06), Cleaner Production (November 06), Setting Up an Internet Shop Business (November 6 to 8), Webpage Development: Advanced Dreamweaver MX (November 08 to 09), 5S of Good Housekeeping (November 09), more events
SME News
Microlending ‘sexy’ again, P74B lent out in 5 years, says DOF
Microlending, or the giving of loans as small as P5,000 per borrower, has become “sexy” again, its total having hit P74 billion over the past five-and-a-half years, according to the Department of Finance (DOF).
Some P6.5 billion were outstanding as of end-February this year and benefited more than 4 million micro- borrowers whose credit stature the regular banks would not even touch with a 10-foot pole.
The goal, Finance Undersecretary Gil Beltran said in an interview, was to hit at least 2 million borrowers; but a growing army of newly empowered Filipinos spread their tale of success by word of mouth, creating more demand.
“We relaunch the program again today [Monday], and of course we want more borrowers to benefit from it,” he said.
To read more, click here!
Tax Calendar
November 5 - Last day of e-Filing/Filing & e-Payment/Payment for 2000 - DST for October 2007
November 8 - Last day of submission for transcipt sheets of ORB for distilled spirits; wines; fermented liquor; tobacco products; oil and automobiles; and cigarette paper for October 2007
Source: Punongbayan & Araullo
Editor's Take
Against the Odds
There was a rather disconcerting item in the business press a few days ago. It pointed to the “shrinking middle class” in the country as disclosed in a paper presented during the recent 10th National Convention on Statistics.
While the country has indeed shown outward signs of middle class affluence—driven by better incomes in the service sectors of the economy and remittances from the diaspora—it troubles to discover that the middle strata has not been growing.
Certainly, the flight of professional, technical and entrepreneurial talent to North America, Europe and Australia has contributed to the shrinking number. But when you combine the fact that the middle strata is dwindling with official statistics that reveal family incomes were lower in 2006, you have a telling sign that the vaunted economic growth has not reached the sectors that need it most.
Over the past weeks, SME.Com.Ph together with Planters Development Bank, has engaged in an advocacy campaign to bring the benefits of new business technology and practices to small and medium entrepreneurs outside the core urban areas.
Technology is not a cure all for this national economy’s ills. It is people—the most valuable resource—who determine the destiny of a country. Hopefully, technology and a determined professional approach will make the resolution of the tasks at hand easier, more rapid and less costly.
With this in mind, we reaffirm our determination to continue to inspire, connect and encourage more Filipinos to follow the path of entrepreneurship and shape an enterprising culture for the country.
What's your take on this? We want to hear from you! Click here and participate in the discussion.
Russelle S. Trinidad
SME BizLink Editor
