MSMEs can benefit from cash transfer funds: Concepcion

Cathy Yang, ABS-CBN News

Posted at Nov 13 2017 11:27 AM

MANILA - The Philippines can help spur micro small and medium enterprises by shifting to the sector some P80 billion earmarked for conditional cash transfers for the poor, an adviser to ASEAN said Monday.

"We have to teach people how to fish and not feed them for free. It doesn’t work that way," said Joey Concepcion, chairman of the ASEAN Business Advisory Council or ABAC.

ASEAN Business Advisory Council Chairman Joey Concepcion speaks to ANC's Cathy Yang

The ABAC on Sunday formally launched a mentoring program for small businessmen, as the Southeast Asian bloc seeks to make growth inclusive.

"You mentor him, provide him money for his business to run and the third where is his market? You have to part of a market or you embrace him as part of your supply chain,” said Concepcion, President Rodrigo Duterte's adviser on entrepreneurship.

Concepcion said he hoped to double the ASEAN's pool of 550 business mentors in the next 12 months.