CBS supports Filipino entrepreneurs

In line with its pro-SME thrust and advocacy, CBS China Bank Savings co-sponsored one of the biggest SME events in the country that aim to encourage and inspire Filipino entrepreneurs, the Asia SME Forum 2022. FVP Jaydee P. Caparas of CBS Branch Banking Group was one of the event’s speakers. He spoke about the importance of the SME sector to the Philippine Economy and the CBS Build & Rise Initiative, the savings bank’s advocacy campaign to inspire the spirit of entrepreneurship and consumer confidence leading to economic recovery. "The SME sector is the engine for nation building. SMEs are the lever for uplifting the quality of people’s lives. SMEs harness talents and energies of people by creating jobs; multiplying consumer and investment choices; integrating the countryside into the mainstream economy; and invigorating sustainable development—the key elements to growing the nation,” Caparas said. Capture5 ASIA SME FORUM The Asia SME Forum is an annual event where aspiring entrepreneurs can learn from the most successful entrepreneurs how they started their businesses from the ground up. The SME sector is vital to the country’s economic development. The Philippine Statistics Authority's 2020 data shows that a total of 957,620 business enterprises are operating in the country, 99.51% of which are Micro and SMEs and only 0.49% are large enterprises. CBS, which is focused on the retail market and small businesses, has been instrumental in the development of the country's small and medium enterprises (SMEs). CBS began its foray into SME financing in 2011, with the goal of building a relevant SME business that is both successful and sustainable. The merger with Planters Development Bank in 2015 reinforced CBS’ capabilities and resolve to serve the SME sector. While working with SMEs is quite a challenge—traditional bankers shy away because SMEs are seen as costly, risky, and difficult—CBS is committed to help this vital sector build and rise, and the nation along with it. “From our experience, there is no shortage of funds to lend. What is missing in many cases is the appetite to lend. Because providing access to formal credit is not enough. Along with access to credit, the SME sector needs capacity-building and support services, such as tax information, legal advice, technology access, marketing linkages, and more. Access to formal credit is only the beginning. In CBS, our role as SME bankers is to provide the necessary handholds so the SMEs can build and rise,” he said. Watch the Asia CEO Forum Click here

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