PinoyME pledges more assistance to SMEs
MANILA, Philippines—Buoyed by its success in the last five years, micro-enterprise organization PinoyME [Filipino Micro Enterprise] is extending its financing service to small-scale entrepreneurs nationwide by five more years, partnering with donor agencies and local corporate funders to sustain the development effort.
Ramon del Rosario Jr., PinoyME steering committee member, said the organization was also pushing for the integration of micro-finance into the educational system through new technical-vocational training and full four-year courses in college.
“There are millions out there… who only need a little capital and some business opportunities to cross the poverty line. But getting help out to these individuals, most of whom live in far-flung rural areas, is far from easy,” Del Rosario said during anniversary rites last month.
PinoyME beneficiaries from around the country are among some five million Filipinos who have received loans and technical assistance from MFIs nationwide.
The organization alone has a P70-million portfolio supporting community-based projects that include farming, livestock and handicraft that use local materials.
PinoyME, founded by the late President Corazon Aquino in 2006, has seen a high rate of repayment among beneficiaries, thus maintaining a healthy credit cycle within the network of loan recipients, Del Rosario said.
PinoyME has gained the support of foreign fun agencies, including the World Bank and the Japan International Cooperation Agency.
The organization also continues its partnership with some of the country’s largest business organizations including Makati Business Club, Management Association of the Philippines and Philippine Business for Social Progress.
Del Rosario said the organization would focus “more on quality rather than quantity,” aiming more to develop small-scale entrepreneurs rather than just gathering numbers.
PinoyMe is also supporting the introduction of micro-finance courses in colleges and universities, adding 10 schools this year to two already offering four-year courses.
The Technical Education and Skills Development Authority has also accredited a six-month training program on micro-finance.
Through formal education, PinoyME hopes to build a roster of micro-finance professionals who would sustain- and improve- the country’s micro-entrepreneurship infrastructure, Del Rosario said.
