The Development Bank of the Philippines (DBP) has signed a memorandum of agreement (MoA) with the Integrated Telecommunications Suppliers Association of the Philippines (ITESAP) to provide a factoring facility to small- and medium-sized enterprise (SME) suppliers and contractors of Smart Communications, Inc.
Factoring is one of the strategic services that DBP provides to promote the growth and development of the country's SME sector.
Under the agreement, ITESAP will provide DBP with the list of accredited and exclusive suppliers of Smart.
DBP, for its part, will prioritise these suppliers for the take-up of its factoring facility. Other Smart suppliers who wish to avail DBP's factoring facility are encouraged to join ITESAP.
DBP president and chief executive officer Simon R. Paterno said the factoring facility was seen as primarily helping businesses overcome problems associated with limited financial resources.
