Foreign chambers vow support for local SMEs

The American, Australian-New Zealand, British, Canadian, and European chambers of Commerce vowed the other day to provide strong support to the country’s small and medium scale enterprises (SMEs).

The foreign chambers said SMEs provide the steadying factor for the Philippine economy as it braces for the impact of the global economic crisis which has now crept into the Asian region.

“The SMEs will keep the Philippine economy afloat in times of crisis but they need support,” Australian-New Zealand Chamber of Commerce executive director Claudine David said.

David further added the foreign chambers have been consistent in providing the SMEs with a venue for their products and services and a wide network of member companies which the industry can tap.

Government data shows that SMEs comprise 99.60 percent of all registered firms nationwide, employ 70 percent of the labor force, and contribute 32 percent of the country’s gross national product (GNP).

The government has also acknowledged the contributions of the SMEs when Malacañang signed into law Republic Act No. 9178 otherwise known as the Barangay Micro Business Enterprise Act of 2002.

To show their continued commitment to the SME industry, the foreign chambers have gathered together more than

100 companies for this year’s installment of the Foreign Chambers SME Trade Fair in SM Megamall in Mandaluyong City.

The two-day fair, to open on Nov. 19, brings together companies in the banking, courier, education, food, health care, insurance, information technology, telecommunications, and tourism industries that will be ready with incentives and packages tailor made for the SMEs.

“SMEs should take advantage of the event as they can negotiate directly with suppliers and service providers during the fair.  There will be a lot of opportunities for them during the fair,” David said.

The fair is expected to attract SMEs based in the National Capital Region and nearby provinces.