President Gloria Macapagal Arroyo has earmarked the release of P20 billion (US$358 million) this year to small- and medium-scale enterprises (SMEs), considered to be the country's growth engines at the community and grassroots levels.
The President's pronouncement was boosted by the recent decision of the Development Bank of the Philippines (DBP) to provide P9 billion financial assistance to SMEs under the SME Unified Lending Opportunity for National Growth (SULONG) programme.
The Netherlands has also committed to provide official development assistance to fund SMEs and other economic projects in less developed areas in the Philippines.
