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253rd Issue Volume 71 No. 2 Tuesday 23 November 2010 |
In this issue |
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SME in Focus Looking beyond GDP
Despite the “respectable” average gross domestic product (GDP) growth rate posted by the Philippines in recent years, the poor failed to benefit from the country´s economic gains. For the years 2003 to 2007, the WB noted the Philippines managed to post an average GDP growth rate of 5 percent. The Aquino administration still has to address issues such as income inequality, unequal sectoral and regional growth distribution, and productivity and population growth as well. Actually, these problems have been around even before President Benigno Aquino III came into power. Obviously, it is a herculean task for the administration to solve these structurally–oriented problems. Definitely, government must increase investments in infrastructure and support programs such as the conditional cash transfer (CCT) to help the poor. Moreover, the government should harness its different agencies to help the marginalized by training them to be self–reliant or to become micro or small to medium entrepreneurs (MSMEs) Aquino assume farmers as well the workers still have to get a fair share of their hardwork. Faced with limited resources, the government cannot and must not ignore the population issue because economists and officials of the WB said ensuring “inclusive” growth remained as a big challenge for the government. “Growth has not [really] trickled down to the poor despite the very good growth rates posted by the Philippines”, said Vikram Nehru, chief economist for the East Asia and Pacific Region of the WB, during a videoconference in Pasig City yesterday on the bank´s quarterly report. In the same briefing, WB officials revealed that the multilateral lending institution had raised its growth forecast for the Philippines in 2010 from 4.4 percent to 6.2 percent. Le Borgne noted that for the years 2003 to 2007, the Philippines has been able to post an average GDP growth rate of 5 percent. “Despite this, poverty increased from 2003 to 2006 [and] real wages have been falling since 2001”, he said. The two WB economists advocated for an increase in government support for social programs such as the conditional-cash transfer as well as increased investments in infrastructure. Bert Hofman, country director of the World Bank Philippines, said the multilateral financing institution is prepared to support the government in its economic initiatives, particularly, the public-private sector partnerships. Hofman revealed that he met with the government´s economic team together with the International Monetary Fund (IMF). He, however, declined to specify the size of assistance which the bank could extend to the Philippines. The Philippines is seeking funds for at least two infrastructure projects–the Manila Water and Wastewater Improvement Project and the Regional Infrastructure for Growth project, which will be channeled through the Development Bank of the Philippines. The government is planning to organize a summit in November to present 10 major infrastructure projects that will be offered for financing to foreign and local companies. The National Economic and Development Authority (Neda) said these 10 infrastructure projects have a combined cost of P127.8 billion.
Special Report A concerted effort to help SMEs
On 23 September, the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), in coordination with the Financial Executives Institute of the Philippines (FINEX), Bangko Sentral ng Pilipinas (BSP), Bankers Association of the Philippines (BAP), Small Business Corp., Eastern Communications and EStorm Technologies agreed to help small medium enterprises (SMEs) in line of helping the Philippine economy towards higher growth. SME TechZone Nokia´s amazing smartphone
One of the most prominent features of the N8 is the 12 megapixel camera. This is complemented by the Xenon flash. Intelligent autofocus functionalities face recognition software, 3x zoom and Carl Zeiss optics. When it comes to making videos, the 16:9-ratio and a 720p guarantees you can produce excellent quality of videos., which is so far the highest in the field right now. member-at-large Gem See´s Cakeshop
Gem See makes not only beautifully–designed but delicious cakes. It guarantees the customer will keep coming back to indulge again in its wide array of cakes and pastries baked using the finest ingredients done by its excellent bakers. Please click: www.gemseescakeshop.com/
Tax Calendar 2010 November 24 - December 10
SME Events 2010 November - December
SME Power Quote ““What kind of love is more pure and more majestic, like the love for your native country! What kind of love? There’s nothing more, nothing”” – |
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No less than the World Bank (WB) stressed growth “has not trickled down to the poor despite the very good growth rates posted by the Philippines” in the recent years. It added that guaranteeing “inclusive growth” remains the biggest challenge for the Aquino administration.
The small medium enterprises (SMEs) need all the help to succeed because they are considered a vital agent of economic growth being a major source of growth and revenue for service providers as manifested by the 99 percent of registered businesses belong to this sector, employing 70 percent of the national workforce and accounting 30 percent of national sales and business revenue. 
Nokia´s N8 has finally arrived in the Philippines. The device is touted as the Finnish telecommunication company´s response to iPhone 4 and other smartphones in the market and at the same time bring back Nokia once again to its lofty position in mobile communications.
Gem See, one of the premiere bakeshops in San Pablo, Laguna, is the place where one can find a cake for all occasions from anniversaries to inaugural events. Moreover, it also offers corporate cakes, theme part, children’s party cakes and many more.
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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