Friday, July 13, 2007
Plantersbank chairman Ambassador Jesus P. Tambunting chairs opening session of
First Silang Seminar on International Development. In background are International
Institute for Rural Reconstruction (IIRR) president Mike Luz, IIRR chairman Michael
Gerber and former President Corazon C. Aquino, convenor of the Filipino Micro
Enterprise (Pinoy ME) social consortium.
Small and Medium Enterprises guided by global best practices and responsive to market forces hold the key to the future of rural areas, Ambassador Jesus P. Tambunting, chairman of Plantersbank and lead proponent of private finance for SMEs in the Philippines told recently-concluded First Silang Seminar on International Development.
Ambassador Tambunting, who chaired the Silang Seminar at the International Institute for Rural Reconstruction headquarters in Cavite, said support for market driven rural enterprises points the way forward for developing economies in Asia, Africa and South America. Drawing from over 35 years of experience in SME-oriented private development finance,Ambassador Tambunting said corporate organizations need not compete and reinvent stand alone policies on microfinance.
Keynote speaker former President Corazon C. Aquino and Ambassador Jesus P. Tambunting, chairman of the Silang Seminar.
The best way to allow the market to work is to collaborate and complement existing micro credit providers and rural development actors through alternative investments, wholesale lending programs, capacity building, advise and bring micro entrepreneurs and SMEs into the supply chains.
Ambassador Tambunting emphasized the need for growth adding that “it also must have growth with distribution.”
“It is imperative that we grow stronger rural economies where there is a good enterprise foundation to undertake production and create additional value or wealth. This must be value that is retained and reinvested locally, in order to expand the enterprises, create new jobs, open fresh income opportunities and uplift the quality of people’s lives.”
“Without this, poor areas will remain locked in a vicious cycle. Our growth has been consumer-driven and speculative to an extent. Short-term and palliative, such growth is unable to meet the requirements of sustainable development.”
“To develop and sustain a vibrant economy, we need an entrepreneurial base capable of building and directing local industries that are competitive, guided by global best practices and responsive to market forces.”
“The greatest challenge for institutions like Plantersbank is to stay aligned with the evolving needs of small rural entrepreneurs and keep a strong double bottom line orientation in the face of growing competition,” Ambassador Tambunting said.
“It is a daunting task, but we, as an organization, are inspired by our past successes, and the knowledge that as we pursue our business objectives, we are making a vital contribution to national progress and poverty alleviation.”