DBP, DTI cooperate for MSME development hubs

The state-owned Develop­ment Bank of the Philippines (DBP) and the Department of Trade and Industry (DTI) Regions 6 and 11 have forged an agreement for the im­plementation of the Adopt a Negosyo Center Program in Iloilo and Davao which is aimed at addressing the me­dium and long term needs of micro, small and medium en­terprises (MSMEs) to enable them to further grow and achieve their potentials.

The memoranda of agreement (MOA) signed by DBP and DTI aim to provide a framework of cooperation and coordination between the bank and the Negosyo Centers in providing assis­tance to MSMEs under the jurisdiction of the concerned Negosyo Centers.

The Adopt a Negosyo Center program institution­alizes a mechanism of coop­eration and shared respon­sibility among the various partners of the NegosyoCen­ters.

A Negosyo Center aims to serve as a one-stop shop wherein MSMEs can access financing, knowledge, and other services to promote their sustained growth.

DBP said in a statement it is committed to partici­pate in the conduct of fi­nancial literacy forums for SMEs, including knowledge dissemination on the loan application process and re­quirements. Other partners will provide assistance in their areas of competency.

While the Negosyo Centers promote ease of doing business and im­proving access to services for MSMEs, they are also envisioned to serve as platforms towards nation­al development, inclu­sive growth, and poverty reduction inasmuch as MSMEs are recognized as facilitators of local job creation, production, and trade in the country.

The Davao City and Iloilo City Negosyo Cen­ters are therefore expected to be vital instruments in spurring a more vibrant lo­cal economy and fostering greater financial inclusion.

Aside from the two main Negosyo Centers, DBP is also committed to cooperate and provide assistance to other Nego­syo Centers already estab­lished nationwide.