Plantersbank chairman and chief executive officer Ambassador Jesus P. Tambunting (center), invited as guest of honor and speaker during a recent meeting of the Rotary Club of Manila, offered insights into ability of the Philippine economy to ride out the turmoil in world financial markets.
The challenges of the crisis in world financial markets will be a test of dedication and commitment of organizations, according to Ambassador Tambunting, who emphasized that banks can help the country better overcome the coming challenges by supporting Small and Medium Enterprises, a sector of great importance to the nation’s future.
Ambassador Tambunting outlined a number of initiatives that would enable SMEs to manage better, endure economic shocks and become globally competitive including technology-based business solutions and SME-oriented infrastructure projects.
“We are convinced that we can best do our share by re-affirming our commitment to SMEs, a vital economic sector, and strengthening even more our capacity to assist them, especially during these difficult times,” he said.
SMEs in the Philippines account for 90 percent of its registered companies. SMEs also contribute a quarter of the country’s gross domestic product and employ more than half the labor force.