Friday, August 11, 2006
Cebu remains one of the country’s bright spots for Small and Medium Enterprises (SMEs), says Planters Development Bank (Plantersbank) pointing to its expanding business in SME-oriented loans and solutions in the province.
“The SME sector is very robust and the demand for financing is high,” according to Plantersbank chairman Ambassador Jesus P. Tambunting, who was in Cebu to meet representatives of the SME community and explore ways to deepen collaboration between the sector and the country’s largest private development bank.
“Our broad, diverse Cebu loan portfolio has doubled every year for the past four years and signifies strong SME performance in this part of the country,” Ambassador Tambunting disclosed during a recent gathering at the Marco Polo Plaza Hotel in Cebu. “Plantersbank is optimistic about the prospects and is focusing attention to satisfy the demand for financing alternatives, business solutions and customized services of the SME community in the province.”
Ambassador Tambunting added that the merger with Davao-based affiliate Micro Enterprise Bank will enable Plantersbank to go into micro finance operations in a big way and make a substantial impact in poverty reduction, especially in the countryside.
Ambassador Tambunting said the rapid integration of the Philippines into the global economy should spur Filipino SMEs to embrace technology needed to improve competitiveness and the ability to respond to changes in the market.
“The internet is a great equalizer and a source of wealth opportunities,” Ambassador Tambunting noted. To steer the sector in this direction, Plantersbank established SME.com.ph, the internet community and portal set up with the World Bank’s International Finance Corporation (IFC) to provide e-services, marketing communications and business solutions for Filipino SMEs.
Besides IFC, the international shareholders of Plantersbank include the Netherlands Development Finance Company (FMO) and the Asian Development Bank (ADB). Collectively, these institutions own 40 percent of the Bank.
Plantersbank is one of three banks in the world recognized by the Harvard Business School Conference on Global Poverty for pursuit of a strong “double bottomline”—the successful combination of profitability and social development objectives like job creation and poverty alleviation.