EDITORIAL

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Thursday, January 12, 2017
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PRESIDENT Duterte’s order to crackdown on so-called “Bombay 5-6” moneylenders or loan sharks is most welcome. These heartless opportunists take advantage of poor Filipino borrowers, mostly small-time entrepreneurs.

The President also announced the allocation of P1 billion for micro-lending program for small borrowers. This is big relief, too. Micro-entrepreneurs are the No. 1 victims of the loan sharks. The fund will be coursed through the Department of Trade and Industry (DTI).

We recognize the vital role of micro, small and medium enterprises (MSMEs) in economic growth and poverty alleviation. With a huge funding, DTI can now reach the poorest sectors, especially those in regions with high poverty incidence, by providing them access to livelihood opportunities. Since it targets those at the “bottom of the pyramid”, DTI should ensure that the poorest provinces are given priority.

A major component of the MSME Development Program of DTI is the Shared Service Facilities (SSF) Project which aims to improve the competitiveness of MSMEs by providing them with machinery, equipment, tools, systems, skills and knowledge under a shared system. DTI should look deeper into the situation and find ways on how it can reach its target beneficiaries — those not capable of joining trade fairs and those who have skills and indigenous resources but are unable to register or acquire the usual permits. We should come up with more opportunities for them.

Perhaps DTI can mandate all its regional offices to take a more proactive approach in extending support to the marginalized through entrepreneurship and livelihood trainings aimed at enhancing the value of each town’s products and the competitiveness of rural enterprise.

Our vigilance in assisting and training more micro-entrepreneurs with product development, product quality, good management, labeling and marketing will be an invaluable economic growth boost. We have to help those who have greater needs, those who will never be employed in mega businesses but could still have a fighting chance for profitable means of livelihood – minus the Bombay loan sharks.

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