The government's efforts to support small- and medium-sized enterprises (SMEs) nationwide was bolstered with the launching in Malacanang, the presidential office, Thursday of a private sector-initiated US$25m equity fund.
"Our country is not alone in its drive for economic prosperity so we're all proud to launch this very first private equity fund in the Philippines," president Gloria Macapagal-Arroyo said during the ceremonial turnover of the fund's parallel investment agreement between Plantersbank and Aureos Capital Ltd., the two major proponents behind this venture, the Plantersbank-Aureos SME Equity Fund.
The chief executive expressed gratitude for financial support that both companies will extend to qualified local SMEs since, she said, this move is in line with the government's thrust of promoting entrepreneurship among Filipinos.
"To back up SMEs, we need private equity funds which are integral parts of our economic programme," she explained.
