ILOILO City – Micro, small, and medium enterprises (MSMEs) and start-ups from Panay Island and Guimaras were urged to consider the capital market to expand their businesses.
Commissioner Kelvin Lester Lee of the Securities and Exchange Commission (SEC) said they are promoting and raising awareness that MSMEs can access the capital market for their financing needs.
On Friday, Aug. 11, the SEC in collaboration with the Market and Securities Regulation Department (MSRD) organized the Roadshow on Capital Formation for MSMEs and start-ups in this city.
Around 150 participants from Panay and Guimaras attended the face-to-face roadshow and 500 more participated via the online platform.
“Catering to the needs of our MSMEs is one of the top priorities of the Marcos administration. In SEC’s bid for financial inclusion, we recognize that there is a need to broaden the financial instruments available for MSMEs,” Lee said.
He said 99.5 percent of the country’s businesses are MSMEs, 63 percent of which hire the local workforce, contributing 40 percent to the gross domestic product.
However, 67 percent of these MSMEs continue to have financing and credit constraints, and most of them rely on internal sources for their capital needs, he said.
Ilonggo lawyer Mark S. Gorriceta, one of those who facilitated the event, said the roadshow aims to educate MSMEs that there are many ways to raise capital.
“The objective of this roadshow is to inform or share with the entire Panay on how to create capital to boost their business further,” Gorriceta told Panay News.
He pointed out that a bank loan is not the only option to raise funds. One can also check out the online mobile platform, Philippine Crowdfunding Intermediaries, or Crowdfunding Portal.
Currently, three Philippine Crowdfunding Intermediaries are licensed by the SEC – Investree Philippines, Seedin Technology, Inc. and Round One.
“Kon medyo gamay ka nga negosyante kag gusto mo mag-raise sang capital like P50,000, puede ka da ka paagi sa ila online portal or mobile platform para maka-raise capital sa imo project,” Gorriceta added.
Gorriceta believes that as businesses improve, they could generate more job opportunities and income for the city and province.
He added the roadshow is timely for Panay and Guimaras because there are several “ripe” businesses here that could avail themselves of the program.
Aside from the Philippine Crowdfunding Intermediaries or Crowdfunding Portal, MSMEs and start-ups could also check the Initial Public Offering (IPO) Listing by the Philippine Stock Exchange, Inc., and the Investment & Capital Corporation of the Philippines.
Meanwhile, Mayor Jerry Treñas hoped the initiative would contribute to the vision of the city of becoming a business hub.
“This roadshow will serve as a platform for knowledge exchange, networking, and collaboration,” he said.
Also joining the event were SEC Director Vicente Graciano Felizmenio Jr., Philippine Stock Exchange Chief Operating Officer Roel Refran, and SEC Iloilo OIC Director Ma. Cristina Montelibano. (With a report from Philippine News Agency)/PN