Torres-Gomez calls on gov’t to ‘strengthen’ SMEs as ‘economy remains weak’ | Inquirer News
Close  

Torres-Gomez calls on gov’t to ‘strengthen’ SMEs as ‘economy remains weak’

By: - Contributor / @inquirerdotnet
/ 08:10 PM August 09, 2021
Torres-Gomez calls on gov’t to ‘strengthen’ SMEs as ‘economy remains weak’

Leyte 4th District Rep. Lucy Torres-Gomez. Contributed photo

MANILA, Philippines — Leyte 4th District Rep. Lucy Torres-Gomez on Monday pressed the government to support small and medium enterprises (SMEs) and help them weather the economic turbulence caused by the COVID-19 pandemic, which has sharply limited the public’s spending activities.

Torres-Gomez said the support could come in the form of low-interest loans which owners of small businesses can use as working capital to grow or expand their investments.

ADVERTISEMENT

“As our economy remains weak due to the harsh impacts of the COVID-19 pandemic, our government can find a way to strengthen small and medium enterprises. The executive, through the initiative of lawmakers, can provide loans to these SMEs to help keep them afloat during these challenging times. This can be included in the 2022 national budget, which budget managers are still finalizing,” she pointed out.

The lawmaker stressed that the “ultimate goal is to prepare our people by teaching them opportunities that they can explore while full-time and even part-time jobs are limited and unstable. People need stable jobs, but in the absence of such, the government can provide income opportunities.”

FEATURED STORIES

Torres-Gomez lamented that while small businesses are essential to a country’s economy, many local SMEs struggle to find capital funding.

“Small or medium businesses do not have access to resources that many established businesses may have. An SME loan is a credit facility that can be extremely useful for SMEs to realize their full potential through appropriate funding. An SME loan would allow small business owners to ramp up their inventories even when cash flow is delayed,” she explained.

She added small business loans are more practical because these usually have low documentation requirements, are collateral-free, have low-interest rates, and are thus, affordable; and have a flexible repayment scheme.

“Our government leaders cannot lose sight of business rookies. There should always be ways to look out for everyone’s needs. Like low-income families who seek government support to survive the ruthless effects of this national health emergency, small and medium business investors also want the backing of their leaders to endure the economic blows of COVID-19,” Torres-Gomez said.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, COVID-19, Loan, Lucy Torres-Gomez, small and medium enterprises, SMEs
For feedback, complaints, or inquiries, contact us.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.