The Philippines needs to develop its financial market that can provide alternative funding for the small and medium enterprises (SMEs), according to the country’s chief economic planner.
Socioeconomic Planning Secretary Arsenio M. Balisacan said the Philippines remains among the countries in Southeast Asia that have relatively underdeveloped financial markets.
“We continue to face limited access to finance via commercial bank loans and capital markets, especially those for business setups and expansion,” he said during a forum organized by The Organization of Property Stakeholders and the Land Registration Authority.
Balisacan said the challenging task for the country is to ensure the availability of more avenues for accessible financing not just among property buyers but also among SMEs.
He also underscored the need to undertake efforts to improve human-capital formation and intensify initiatives to foster technological growth and innovation.
“The Philippines’s large population of educated, skilled, and competitive young workers and professionals serves an important role in the booming property industry, specifically in the BPO [business-process outsourcing] sector…,” he added.