SEC brings capital market roadshow for MSMEs to Oro

By Apipa Bagumbaran CAGAYAN DE ORO CITY

small and medium enterprises (MSMEs) and startups.

This, as SEC brought its roadshow on capital formation to Cagayan de Oro City Friday, April 14.

The roadshow attracted

98 onsite and 37 virtual participants consisting of executives from local companies, government agencies, and business groups.

SEC Commissioner Kelvin Lester Lee said it aims to promote and raise aware- ness on various ways for MSMEs to access the capital market for their financing needs.

“Our capital formation project is important, it will show that there is a viable alternative to banks and traditional fundraising methods. If there is one thing that I want everyone to learn from this is that yung nga there are alternatives, hindi lang bangko ang kausapin niyo, mayroon tayong ibang options to raise capital for you to do business," he said.

The roadshow is also aligned with the national government's thrust of accelerating financial inclusion.

Pres. Ferdinand Marcos Jr. in his State of the Nation Address emphasized the importance of providing financing options for MSMEs, especially as businesses start to recover from the effects of Covid-19.

According to Lee, the MSME network accounts for 99.5% of the total businesses in the country, hires 63% of the local workforce, and contributes around 40% to the national GDP.

“However, 67% of our MSMEs continue to experience credit constraints, in short, they have difficulty finding financing. Most of them rely on internal sources for their capital needs. Or those that apply for traditional bank loans face relatively tedious documentation, high-interest rates, and mandatory collateral requirements. Furthermore, the recent economic slowdown due to Covid-19 has exacerbated the MSMEs' poor financial position," he noted. (APB | PIA-10)

DOLE-10 hosts Mindanao cluster consultation to craft labor, employment plan

CAGAYAN DE ORO CITY

– The Department of Labor and Employment-10 (DOLE10) hosted the Mindanao Cluster consultation for the formulation of the LEP 20232028 on March 27 here.

In his message, Regional Director Albert Gutib welcomed the presence of all the heads and representatives from all the labor and management sectors in Mindanao, government agencies, non-government organizations, and academe.

Gutib emphasized that it is essential that all work together to ensure that the labor force remains competitive, innovative, and equipped with the skills and knowledge necessary to succeed in the changing world of work.

With this, the DOLE will be able to develop a comprehensive plan that outlines the strategic priorities and action plans for the next five years.

“We believe that this plan will serve as a roadmap for the development of our labor force, the creation of quality jobs, and the promotion of social justice in our communities,” Gutib said.

The Mindanao cluster plays a vital role in the national economy. Hence, insights and feedback also are considered invaluable in ensuring that the plans made will be delivered effectively and are relevant and responsive to the needs of the regions in Mindanao, Gutib added.

Director Khalid Hassan from ILO CO-Manila conveyed a message of support to all the employers and workers for their continuous engagement and partnership. The ILO envisions the Philippines meeting the goals for global acceleration for social justice.

It is high time to find synergies and seize opportunities to boost the initiatives of the tripartite constituents to advance decent work.

DOLE Undersecretary

Carmela Torres was the keynote speaker for the activity.

She said, “Despite the challenges faced with Covid-19 pandemic workers, businesses and industries have successfully bounced back.”

With this, Torres further shared that under the president’s socio-economic agenda, it focuses on creating more quality jobs by investing heavily in infrastructure, human development, and the digital economy.

In line with this sectoral outcome, the DOLE has identified ten priority sectors where employment growth is foreseen to be strong.

These are agriculture, IT-BPM, creative industries, transport and logistics, manufacturing, construction, energy, hotel and restaurant operations, education, and health and wellness.

A series of workshops was also handled according to each sector: (1) employ- ment; (2) labor relations and labor standards; and (3) social protection. Each priority group discussed concerns among representatives and presented their outputs for the critique of the panel led by Undersecretary Benedicto Ernesto Bitonio Jr.

The activity aimed to seek inputs and insights as the DOLE, together with the different government and non-government sectors, formulates and develops a Labor and Employment Plan.

The success of the series of consultations depends on the DOLE partners’ engagement and participation.

This intends to gather regional perspectives and inputs, challenges and opportunities faced from its respective jurisdictions, and how to tailor the correct interventions that will be stated in the plan to be more responsive to the regions and sectors and to the needs of the people as a whole.

(DOLE-10 | PIA-10)