Friday, January 28, 2005
GMA lauds launching of first private equity fund for SMEs released 1/27/2005
President Gloria Macapagal-Arroyo hailed today the launching of the first private equity fund in the Philippines for small and medium enterprises (SMEs), saying it is an integral part of the government’s economic program.
Speaking at the launching of the Plantersbank-Aureos SME Equity Fund at the Rizal Hall of Malacanang, the President cited the need to support small and medium entrepreneurs in line with her thrust of creating six to ten million jobs in the next six years.
“We need to support the small and medium entrepreneurs to grow the economy and provide more than a million jobs a year as we unleash the entrepreneurial spirit of our people, so that we can row our own boat, set our own course, and sail forward to better times,” she said.
The President said the private equity fund complements the government’s training programs on trade and entrepreneurship, skills development and product design.
“Dynamic self-employment is the name of the game among the small entrepreneurs,” she said. “But if we consider the capital to employment ration, indeed we are employing a large number of people for every peso of capital. ”
The payback, according to her, is durable social stability and economic prosperity.
The Chief Executive said the government would bring the benefits of macro-economic performance to the average Filipino by supporting small and medium entrepreneurs.
“We shall soldier on, just as our small and medium entrepreneurs both in the business districts and barrios of the archipelago are soldiering on, especially now with the very first private equity fund through institutional partners like Plantersbank and Aureos,” she said.
“We shall succeed because the Filipino’s spirit is resilient and our drive to excel is strong,” she added.
See full text of Mrs. Arroyo’s remarks >>