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 February 4.10 4:22PM
Philippines needs an SME-driven, sustainable and self-reliant economic roadmap
 The real essence of economic growth is ensure that majority of the society would benefit from it. Otherwise, development efforts will be futile if a large chunk of the economic pie would just benefit 10 percent of the population.
Ambassador Jesus P. Tambunting, chairman of Plantersbank and 2009 Entrepreneur of the Year, stressed that an economic development plan must be SME-driven, inclusive, sustainable and self-reliant.
In his keynote at the recent 47th annual meeting of the Philippine Economic Society at Bangko Sentral ng Pilipinas, Ambassador Tambunting urged the country’s policymakers, business leaders and thinkers to regard SMEs as catalysts for growth integrated with investments in infrastructure, agriculture and education.
“Our recovery should not be dependent on markets abroad and foreign investments,” according to Ambassador Tambunting. “With 90 million Filipinos, we have an already huge domestic market that is still fast growing.”
Speaking of his successful experience at Plantersbank, Ambassador Tambunting said SMEs have proven that they can a vital force in economic development.
On the side of the government, Ambassador Tambunting pointed out government needs to develop infrastructure to facilitate movement of goods and services produced or needed by SMEs, promote travel and local tourism, thereby encouraging the establishment of allied SME industries, and jumpstart economic activities across the country.
Ambassador Tambunting proposed that the Development Bank of the Philippines should take charge in policy formulation and financing high-impact projects, high risk and capital-intensive projects such as railways, expressways, ports, power generation and farm-to-market roads.
He also urged the Land Bank to take the lead in total agricultural development, providing not only financing but also advisory services and more important, policy directions. “(The Land Bank) can be the source of funding for long-gestation projects, post-harvest facilities, irrigation systems, crop insurance and support for land reform and rural cooperatives,” he said.
Ambassador Tambunting said both the DBP and the Land Bank can lead in forming consortiums of foreign and local investors and contractors to jointly undertake these projects.
In addition, “better education, particularly of the young, will improve the quality of human capital and increase the capacity of SME workers and entrepreneurs to acquire new knowledge and skills and continue educating themselves,” Ambassador Tambunting noted.
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