SB Corp releases P400K for Cebu creative sector

CEBU, Philippines - The SB Corporation has started to extend help to the creative industry in Cebu to help push the province as the “creative” center in the Philippines.

“SB Corporation has released almost P400 thousand to one client. The Agency is now awaiting for submission from one interested client and have it also disseminated information of the facility to relevant universities for the availability of P3 million fund,” said Department of Trade and Industry-Cebu Provincial Office (DTI-CPO) Nelia F. Navarro, in an interview yesterday.

The creative sector in Cebu, led by the Creative Council of Cebu submitted a proposal to SB Corporation last year to get funding support.

The Creative Cebu Council, with the help of the DTI-CPO asked the SB Corporation to include the sector in its priority list for beneficiaries of the state-run funding institution.

Normally, SB Corporation’s available credit facilities are mostly merchandize based—something that is tangible, of which do not usually apply to the different requirements of the creative industry.

According to Navarro the creative industry in Cebu has unique edge in making its way to compete globally, considering the availability of rich talent here. However, players need to have access to capital in order to expand, and pursue projects especially those that need capital infusion.

A GFI attached to the DTI, SB Corporation provides direct financing for small enterprises in need of additional capital for expansion, equipment acquisition, factory renovation, working capital as well as local and international receivables.

Other financial programs include credit guarantees, wholesale lending for SMEs, wholesale lending for graduating micros and wholesale micro-finance.

Cebu’s creative industry is now led by the Creative Cebu Council, a non-profit group with is an alliance of artists and creative   entrepreneurs who have bonded together to promote, develop and champion the creative industries sector in Cebu.

Initially, the Council enlisted nine sub-sectors in the Creative Industry in Cebu, these are;  the Advertising and Design; Animation; Architecture and Landscape; Film and Photography; Literature and Publishing; Multi-Media Arts; Music; Theater and Performing Arts; and the Visual Arts group.

The potential of Cebu’ s creative sector  was confirmed following the proclamation of British Council as the “Creative City” a couple of years back.

Navarro mentioned that there is a good creative  support model in the United Kingdom that is under study, that can also be applied in the Philippine setting, this will determine the factors on how to effective support the creative industry.

A survey from the Intellectual Property Office (IPO) showed that the creative sector in the Philippines is contributing US$592 million, with 5.2 percent of the country’s entire GDP. This does not include the creations made by non-IPO registered products.

Navarro said SB Corporation, with the help of her office is now tapping the universities to inform start-up creative individuals, whose projects have commercial potential to avail of the fund. —JOB (FREEMAN)