Updated March 13, 2009 12:00 AM
CEBU, Philippines - With the current economic crisis making small and medium scaled entrepreneurs uncertain about their business operations, a group of SMEs here in Cebu continues to spread optimism in their sector.
Recently, the Filipino Cebuano Business Club (FCBC) hold its first general membership meeting with business seminars that tackled relevant issues that concerns their sector.
Such topics discussed include the role of SMEs in the fight against corruption with Deputy Ombudsman for the Visayas Pelagio Apostol; secrets of a true entrepreneur, business opportunity for 2009 and beyond in line with the global crisis given by DTI’s Elias Tecson and the highlights on global competitiveness through quality management system (QMS).
In an interview with FCBC president Rey E. Calooy, he said that slowly the negative impacts of the global recession are taking effects in the operations of their businesses.
He said that now, it has become more difficult to get loans from banks because they have become strict in their loan applications and even their suppliers are giving stricter terms.
“The impact of the crisis to the sector is in a slower phase but we feel that it is starting to settle in and it is becoming a crisis of confidence because even our partners and customers are doubtful. So we have thought of gathering MSMEs to reengineer, refocus and change directions and help everyone weather the economic storm,” said Calooy.
He said that the crisis has boomeranged and is now creating a chain reaction of effects to entrepreneurs like them even if they have smaller operations.
He said that their sales for the months of January and February all the way from the first weeks of March were among the lean months so far because of the so-called financial fasting.
“The sales of everybody are low because there have been several retrenched workers in the workforce and consumers have shrinking income. Everybody is aware of the crisis and are doing something about it individually,” said Calooy.
But if there is a positive impact of the crisis, Calooy is eyeing the possibility of retrenched workers evolving into entrepreneurs due to the programs and initiatives of the government to help retrenched workers survive the crisis.
He said that their sector is also optimistic with the P330 billion stimulus fund that was generated by the government and they are hoping this will be put to good use and would really sustain the economy.
“The growth forecast for the Philippines is really positive because remittances of OFWs continue and these segment is one of our growth markets,” said Calooy.
He also said that right now, they are advising their members to venture into enterprises that provide basic needs and services at affordable prices to the consumer market.
“SMEs are really surviving and there is no other way for us but to survive and continue struggling,” said Calooy.— Rhia de Pablo
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