The Market Monitor Minding the Nation's Business
For a more improved productivity and enhanced competitiveness, the Department of Science and Technology (DOST) and the Land Bank of the Philippines (LANDBANK) teamed up to support micro, small, and medium enterprises (MSMEs) and startups through an enhanced platform of financing on May 4.
In a ceremonial signing, DOST and LANDBANK inked a Memorandum of Understanding (MOU) at the LANDBANK Plaza, Malate, Manila, to mark their collaboration on providing accessible funding for their local enterprises.
“MSMEs are the backbone of our economy,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said. “They generate a lot of employment, sustain local industries, and anchor growth in our community. And yet, access to capital is scarce, and they always find it difficult to grow and expand because financing is limited.”
The MOU will support the development and the expansion of the DOST-assisted MSMEs rooted in its flagship programs, such as the Small Enterprise Technology Upgrading Program (SETUP), the Technology Innovation for Commercialization (TECHNiCOM) Program, and the Startup Grant Fund (SGF).
These local technopreneurs will be provided access to the LANDBANK Innovative Financing Thrust Towards Inclusive National Growth Thru MSMEs (LIFTING MSMEs) to equip them on the growth and expansion of their businesses.
“Tutulungan namin ang MSMEs sa application procedure (sa LIFTING MSMEs). Dati pa naman nating ginagawa ‘yun. [Tulad ng pag-avail nila sa SETUP program], may feasibility studies ‘yan. [Ngayon], iba na ang source of fund nila (LANDBANK lending program),” DOST Secretary Renato U. Solidum Jr. said.