San Miguel Corp. and Shoemart Inc. have approved the trading of their accounts payable to small- and medium-sized enterprises (SMEs) in a new electronic marketplace set up by the state-owned Development Bank of the Philippines.
DBP president Simon Paterno said he expected the first trades in the exchange-called Marketplace for SME Receivables Purchases, or M4SME-RP, to happen before the end of this month.
M4SME-RP seeks to lower the cost of financing the working capital requirements of SMEs through a competitive auction process. This electronic infra-based marketplace also assures the faster delivery of financing services to SMEs.
Paterno said that DBP was now completing the documentation requirements of the Securities and Exchange Commission for the alternative trading system.
