According to Chery Cars, the country’s private sector has a role in helping micro, small, and medium enterprises (MSMEs) prepare for the economic integration of the Association of Southeast Asian Nations (ASEAN) by 2015.
MSMEs comprise more than 97 percent of the country’s businesses. It is also projected as the sector to be most affected by the ASEAN economic integration. Eero Brillantes, vice president for Business Development of Chery Cars Philippines stated, the company’s latest range of service utility vans were developed to stimulate efficient operations, both in MSMEs delivering of goods and service to clients.
“Chery Cars Philippines is looking at strengthening the capacity of small businesses even in far-flung areas to grow and become competitive through easy loan access with low interest rates for acquiring affordable and durable service utility vans,” said Brillantes.
Brillantes cited a recent study by the Philippine Institute for Development Studies (PIDS) saying, majority of the country’s MSMEs are not prepared for the ASEAN economic integration by 2015.
The study also notes that amid present programs and policies created for SMEs, their access to finance has remained one of the most critical factors affecting the competitiveness of the sector.