CLARK FREEPORT ZONE, 10 July 2018 – Credit Information Corporation (CIC) President and Chief Executive Officer Jaime P. Garchitorena attended the National MSME Summit 2018 at the ASEAN Convention Center in Clark Freeport Zone, Pampanga.

Micro, Small, Medium Enterprises Development Council (MSMEDC) invited PCEO Garchitorena to contribute to the discussions on making said industry more innovative and competitive, thus generating inclusive growth.

As one of the moderators, CIC PCEO Garchitorena emphasized the importance of assisting the budding entrepreneurs. He added that if the MSMEs are given easy access to loan applications, they can obtain sufficient capitalization to establish or expand their business. Republic Act No. 9510 also known as Credit Information System Act was passed to improve the over-all availability of credit to MSMEs through access to credit reports, hence resulting to a healthier and more stable financial system.

In his presentation, DTI Secretary Ramon Lopez highlighted that the Philippine economy grew at 6.8% in the first quarter of 2018. He said the manufacturing, services and trade, where many of the MSMEs belong, are the main drivers of growth for the quarter.

President Rodrigo Roa Duterte, as the keynote speaker, expressed his support for the MSME industry. Duterte said he intends to reduce the processing time of business permit application and renewal as this will encourage the MSMEs to pursue entrepreneurship. He also warned those involved in the 5-6 lending scheme to stop further burdening Filipinos with high interest rates.

The summit, with the theme “Accelerating 7Ms for Competitive MSME,” featured various initiatives under the so-called 7M framework which stands for Mindset Change, Mastery, Mentoring, Money, Machine, Market Access and Models of Business. Prominent industry leaders, entrepreneurs, academe, business and innovators attended the National MSME Summit 2018 to share their experience and interact with other stakeholders.