| 'P50-M 'incubation fund' set up By Mia Gonzalez PRESIDENT Arroyo finally acknowledged an open secret-the real engine of growth in the domestic economy are the small and medium enterprises-at the first entrepreneurship summit and expo of the Philippine Center for Entrepreneurship in Taguig City on Thursday. The President also announced the allocation of P50 million as incubation or launching fund for small businesses and start-up firms. She asked the Land Bank of the Philippines and the Development Bank of the Philippines to set aside the initial P50 million and directed Presidential Adviser on Jobs Creation Arturo Yap to coordinate with the two banks in setting up the fund." She said the incubation fund will provide "softer rates and longer-term provisions for the financing use of deserving and promising start-up business plan winners that the Philippine Center for Entrepreneurship will endorse and vet during the business start-up period." The President said developing entrepreneurs is one of her priorities, as she seeks to develop at least three million new entrepreneurs during her term. She urged participants at the event to "be not afraid" in setting up ventures, especially in view of the results of the recent Bangko Sentral ng Pilipinas survey that showed "executives more bullish on the outlook for their companies than at any period since the CB survey began." "That is optimistic, that is being not afraid....Let us resolve to not let politicking or destabilization put down or destroy what we have here before us, the Filipino spirit of enterprise," she said. She waxed biblical in her speech citing a passage-"Be not afraid"-that scholars say was mentioned 365 times in the Holy Book. The President mentioned the phrase twice, the final one after announcing the fund would be offered as loan "on softer rates" first to awardees of the PCE entrepreneurship excellence search that included Thomas de Leon, who has farmed 70 hectares of hybrid rice, and a 23-year-old Ateneo de Naga University scholar, who is now extending loans to start-ups. Other awardees included Central Luzon State University president Dr. Rodolfo Undan as outstanding academician supporting entrepreneurship, Glory de la Peña of the Saint Louis University in Baguio City as best entrepreneurship teacher, and student entrepreneurs Mildred Ople and Giancarlo Gaco. Henry Sy of the SM Group also received a special presidential recognition as PCE's Big Brother in entrepreneurship. Mrs. Arroyo called these awardees as patriots "who invest in our country and its people . . . . We need a new form of People Power to drive entrepreneurship." Small and medium enterprises, according to the Trade department, form nearly a hundred percent of registered businesses in the country. These businesses have assets of P0.5 million up to P50 million, mostly in retail and services sectors. | |
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