BDO Network Bank Backs MSMEs As Drivers Of Economic Growth
MICRO-SMEs (MSMEs) remain the country’s economic growth engines albeit the challenges that confront their businesses due to the pandemic. For this reason, BDO Network Bank (BDONB) ensures they get the needed support to make their operations and processes efficient and robust.
“The country’s development depends on the growth of MSMEs. When MSMEs grow, business owners and their families will enjoy a better future. There will be more job creations for our children,” BDONB senior vice president and MSME Group Head Karen Cua said.
BDONB is the community bank of BDO Unibank that services both the underserved and unserved markets.
According to Cua, MSMEs basically run the economy of communities because while providing income to many, they create products and services that are important to people’s lives.
MSMEs are a critical sector in the Philippines as they account for 99.5% of business enterprises, 62.6% of total employment, and 35.7% of additional gross value based on DTI’s 2020 MSME Statistics. They also serve as valuable partners and suppliers to large enterprises.
Braving the pandemic
If there is one thing Cua has learned about Filipino entrepreneurs during this unprecedented time is that they are strong, persevering, and brave. They are the type of business people who will adapt and fight to stay afloat amid the storm.
“Essential businesses continue to market their valuable products and services by adapting new and innovative methods like online selling and streaming, while many non-essential businesses that experienced a dip in profit transitioned to selling essential goods and services,” she said.
A partner in growth
BDONB has been a staunch partner of MSMEs in growth. The bank offers Kabuhayan Loan to give MSMEs access to additional capital to build up their stocks, to purchase other business assets, and to expand their stores.
According to Cua, the Kabuhayan Loan covers a fast and simple application process that allows small business owners to borrow up to P1 million. In addition, the Kabuhayan Loan offers affordable monthly installments and provides financial management information via social media and webinars to help business owners maximize their capital.
Beyond the Kabuhayan Loan, BDONB provided free insurance coverage as well as gave out Kabuhayan Package from SM Appliance and SM Supermarket to select BDONB borrowers in 2021.