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246th Issue Volume 64 No. 1 Wednesday 14 April 2010 |
In this issue |
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SME in Focus SMEs and Accounting
Most SMEs in the Philippines do not have the capability to provide information needed by financial institutions. According to Dr. Conchita Manabat, Business Mirror columnist and member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board, financial statements provided by SMEs to banks are mostly incomplete and not timely. Government and private sector advocates of SMEs are encouraged to promote accounting basics for SMEs. Helping the sector is not going to be a walk in the park and it requires more handholding. That's the reality in development banking.
Special Report Search is on for Top Entrepreneur
Being named the 2009 Entrepreneur of the Year is a fulfilling experience because it gives recognition to our efforts in empowering the SMEs, said Ambassador Tambunting during the open forum of the launching of the 2010 Ernst and Young Entrepreneur of the Year organized by the SGV Foundation and held at the ABS-CBN complex in Quezon City. Furthermore, Tambunting said the award boosted the prestige of Plantersbank to the public and made them more aware of the importance of development banking. The search is open to all Filipinos. To qualify, a nominee has to be a Filipino business owner or founder who played an important role to the growth of his or her enterprise. The nominee must still be active in business which must have been in operation for at least two years, For nomination, the applicant is also required to submit a completed nomination form, audited financial statements and other documents to be considered for further judging. Featured sme Jemcy Enterprises
Mr. Medina, a veterinarian by training, decided to enter the poultry business when he was laid off by his employer after experiencing a business slump. Mrs. Medina, meanwhile, resigned from her job to help her husband in Frugality is another important aspect of building the business, according to Mrs. Medina. This meant living simply and revenues earned had to be brought back to the business. “We also did not secure loans from any institutions except for the materials we're using for the business. At present, Jemcy is growing as much as 30,000 to 40,000 heads of day-old chicks coming from reputable breeders. Being a stickler for quality, Mrs. Medina pointed out that the company only chooses preferred breed and quality chicks to farm grower up to four batches per month. It supplies eggs and sells equipment to various dealers from northern and southern parts of the country. Visit: www.jemcyenterprises.com
Tax Calendar 2010 April
SME Events 2010 April - May
SME Power Quote “Obviously everyone wants to be successful, but I want to be looked back on as being very innovative, very trusted and ethical and ultimately making a big difference in the world.” –
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Access to resources is a key element for the sustainable operation of small medium enterprises (SMEs). Bankers expect SMEs to fully disclose financial information and history in their loan applications. Entrepreneur's background, cash flows, collateral, trade references and bank relationships will come under close scrutiny during the loan application process. Not only will financial statements be inspected, but bankers also take industry trends and market prospects into consideration.
Jemcy Enterprises, founded by the husband and wife tandem of Dr. Jesus
and Marcelina Medina in 1987 in barangay San Miguel, Santo Tomas, 
SME Products and Services |
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For inquiries, please call us at +632 8137.082 or +632 8847.600 locals 3012 or 3021. You may also email us at info@sme.com.ph. |
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