Pinoy Business Coach

The Chamber of Thrift Banks (CTB) is taking active steps to help the small medium enterprise (SMEs) realize the benefits of a financially integrated Asean economic community (AEC) in 2015.

CTB President Jose Teodoro K. Limcaoco, also the president of BPI Family Savings Bank, said. 

CTB is holding a convention that focuses on preparing thrift banks and their SMEs customers for the anticipated economic integration of the region beginning 2015.

“Our customers will be challenged by the opening up of trade. Therefore, we want to make sure that our customers, particularly SMEs, are prepared for it and the thrift banks are prepared for it as well,” he said.

The Asean framework for equitable economic development, intended to narrow the development gaps in the region, was seen leading to eventual financial inclusion.

“We will make sure our SME companies are better financed and that they know how to compete. Whether they build up their business locally, look for opportunities outside or look for partners. It’s a concern for our clients,” Limcaoco added. He said thrift banks need to fill up technology and focus on the local market SMEs and consumers.

He also said the market is “large enough for other savings bank to be in” and that “every savings bank has a niche to fill.”

“The year 2014 will be a challenging year for thrift banks because of the competition from commercial banks,” he acknowledged.

** Methinks that the government is still not doing enough to assist Small to Medium Enterprises have access to expansion capital.  Comparing with other Asian countries, the Philippines is lagging behind in terms of extending financial assistance in the form of capital access, low interest loans and other financial interventions that can help a fledging business grow and be more prepared to cope with the coming Asean integration.