Alan Cayetano seeks more access to capital for poor businessmen

SEN. ALAN Peter Cayetano. EDWIN BACASMAS

MANILA, Philippines—Sen. Alan Peter Cayetano on Friday reiterated his call for the government to provide the poor with more access to capital to start their own small businesses a day after the economy registered the highest growth rate in Asia for the first quarter of 2013.

Cayetano, who was reelected to a second term on a platform of increased livelihood opportunities for the basic sectors, has repeatedly called on the government to make the country’s economic gains felt by the less fortunate.

“By developing cooperatives with the capacity to lend capital to its members, we are enabling more Filipinos to start their own small businesses and eventually provide more employment opportunities for other Filipinos,” Cayetano said in a statement.

Cayetano also suggested that the government use the existing conditional cash transfer program to enact a capital-lending program for its beneficiaries to enable them to set up their own businesses.

“By using the conditional cash transfer program to implement a lending program, we can provide poor families with the capital to start their own businesses and create jobs with fair wages,” Cayetano said.

“In this case, we’re showing them how to ‘fish’ and stand on their own two feet instead of just giving them ‘fish’ and making them dependent on welfare,” he added.

Cayetano on Friday commended the executive branch for the 7.8 percent increase in gross domestic product, the highest rate since President Aquino assumed office in 2010.

“[This] economic growth should serve to push everyone to keep the momentum going for the betterment of all Filipino families,” Cayetano said.

“We praise the continuing economic growth of our country but we should ensure that the effects of a rising economy translate to a betterment of the lives of poor families throughout the country,” Cayetano said.

He, however, said that “not enough Filipino families are feeling the impact of this economic growth.

“We must do more to create jobs, lower prices, and increase wages,” Cayetano said.