Press Release
November 3, 2009

After the devastation of a series of typhoons...
Villar: SMEs and Micro Enterprises Are Keys to Recovery

As the country recovers from a succession of typhoons that wreaked havoc to the economy and the Filipinos' lives, Nacionalista Party President Senator Manny Villar believes that small businesses can lead the way towards recovery.

"I have always believed that small and medium-sized businesses are the engine of our economic growth. After the devastation brought about by the recent typhoons, these businesses should be supported to spearhead our recovery," said Villar.

Moreover, Villar said, that it is during difficult and desperate times when entrepreneurs are born. "As an entrepreneur myself, I know that entrepreneurs are made of a stronger stuff. We are resilient and when we face setbacks, we are determined to recover our losses."

Access to affordable credit, according to him, is very important to entrepreneurs. Among the steps that would ease up credit and financing to small businessmen is to encourage small and rural banks as well as micro-finance institutions to provide loans to those affected by the recent typhoons. The size of government and bank loans to SMEs, according to him, may also be increased.

According to Villar, many small- and medium-sized enterprises (SMEs) were badly hit by the recent typhoons, many of which have lost supplies and equipment, thus they also need assistance and support to revive their businesses.

"After bringing temporary relief to our countrymen, now is the time to help them rebuild their lives and their livelihood. We need to make available to them access to financing and other assistance to start a small business or to re-start their existing business," said the former Senate president.

SMEs, according to Villar, have a multiplier effect on the economy since they employ a huge majority of Filipinos. "Entrepreneurs create jobs, which energize our economy. The SMEs and micro-enterprises are keys to hastening the people's recovery from the devastation of the recent typhoons. Neighborhood eateries and stores are just as important as multinational corporations," said Villar. On top of generating jobs, Villar said, small businesses raise families and support communities. Villar and his siblings were raised through the earnings of their father who was government employee supplemented by the earnings of their mother who was a shrimp vendor in Divisoria. Until now, at the age of 85, Villar's mother (Nanay Curing) insists on running a small store beside her house.

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