BPI, DTI team up to help SMEs recover | Inquirer Business
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BPI, DTI team up to help SMEs recover

/ 11:56 AM February 18, 2021

INQUIRER FILE PHOTO

MANILA, Philippines – Ayala-led Bank of the Philippine Islands (BPI) has teamed up with the Department of Trade and Industry (DTI) to help small and medium-sized enterprises (SMEs) bounce back from the effects of the coronavirus disease 2019 (Covid-19) pandemic.

Based on the memorandum of understanding (MOU) signed with the DTI, BPI Business Banking has committed to support DTI programs such as SME Roving Academy, Kapatid Mentor Me, Youth Entrepreneurship Program, and regional trade fairs.

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BPI will also provide free trainings to SMEs on ways to secure a business, manage and leverage on loans, and bank in the new normal.

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File photo from Philippine Daily Inquirer

Eric Luchangco, BPI Business Banking head, said the bank recognizes its role in supporting companies and helping the economy grow as it aims to build a more financially inclusive Philippines.

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“We hope that through this partnership with DTI, we will be able to make it clear to our SME customers that they are not too small to be served by a large bank. We believe they deserve to have access to the same kind of financial products and services that larger companies already have access to,” Luchangco said in a press statement.

DTI-Regional Operations Group Undersecretary Blesila Lantayona underscored the government agency’s strong commitment to help the micro, small, and medium enterprises (MSMEs) recover from challenges brought about by the pandemic and to thrive in the new normal business environment.

Department of Trade and Industry (DTI)

“As both parties commit to work together in teaching MSMEs nationwide to adapt and possibly pivot their businesses to the new normal, we look forward to the actualization of this MOU by looking at the greater visibility of BPI, especially in the programs and projects of DTI regional and provincial offices,” said Lantayona.

Through the partnership, BPI and DTI will facilitate workshops and programs for SMEs and provide access to working capital loans and other financial products to help them with business continuity.

Based on DTI’s partial impact assessment survey on the MSME sector, which was released on February 8, 52 percent of enterprises have gone back to full operation, while 42.8 percent have partially opened.

On the other hand, 4.9 percent of these firms are still closed –  a significant improvement from the 30 to 35 percent recorded closed in April 2020 at the height of the lockdown protocols.

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For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

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TAGS: BPI, Business, COVID-19, DTI, pandemic, recovery, SME
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