The Philippine Exporters Confederation Inc. is pushing for domestic reforms to expand the financing options available to micro, small and medium enterprises and enable them to benefit from the Asean Economic Community.
“Our advocacy for game changers and out-of-the-box solutions continue particularly in financing for MSMEs. This should help link our MSMEs to the AEC and other global value chains,” said PhilExport president Sergio Ortiz Luis Jr.
Exporters had been disadvantaged by the lack of access to financing for revolving capital and promotion funds to the level of Asean counterparts enjoy, he added.
Around 99.6 percent of Philippine enterprises are MSMEs. PhilExport’s MSMEs members are engaged in 16 sectors.
The group is lobbiying for amendments to the Magna Carta for MSMEs to help address the financing issue.