TODAY'S EDITORIAL: Helping MSMEs requires better policy execution
MANY in the government want to help micro, small and medium enterprises , and with good reason. They account for more than 99 percent of all registered businesses, employ 63 percent of the workforce and contribute 40 percent to the total economy. Regretfully, good intentions have not yet translated into policies that produce optimal results.As impressive as those statistics already are, many believe that small businesses can do more for the economy.
Limcaoco said banks could give out more loans, and not just to entrepreneurs. For example, he added, more college students might qualify for financial assistance, if loan officers had their detailed background information, including credit scores.Forgotten provisionOn a related note, there is another provision of the Magna Carta for MSMEs that should also be implemented better. The law assures 'them access to a fair share of government contracts and related incentives and preferences.
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