PALO, Leyte, (PNA) — The seven-year Rural Micro Enterprise Promotion Program (RuMEPP) has reached out to 5,817 small and medium entrepreneurs (SMEs) in Eastern Visayas, the Department of Trade and Industry (DTI) reported on Tuesday.
DTI Regional Director Cynthia R. Nierras said the project has elevated the status of many SMEs in the region through microfinance credit and support, enterprise promotion and development, and management and policy coordination.
The region is one of the beneficiaries of the International Fund for Agriculture Development – funded program. It started in 2007 and will end this year.
“With the RuMEPP, we were able to enhance our services to SMEs considering that our existing program has limitations in terms of assisting them,” Nierras said during the IFAD supervision and implementation support mission.
Of the 5,817 SMEs assisted, 1,051 are in Biliran; 1,310 in Eastern Samar; 1,802 in Northern Samar; and 1,654 in Samar.
The foreign-funded initiative has targeted new and expanding businesses with assets of less than P3 million and one to nine workers.
The five provinces in Region 8 are included in the poorest 19 provinces covered by RuMEPP in five of the poorest regions in the country. Aside from poverty, another consideration is the high potential for enterprise development.
Commenting on the report, Yolando Arban, IFAD country program officer lauded Region 8 for surpassing target in SME development.
“There is an increasing number of new and existing rural microenterprises expanding and operating profitably and sustainably,” Arban said.
In its report, the DTI has outlined best practices in the RuMEPP implementation in the region.
These are internal convergence, partnership with DTI accredited microfinance institution and business development services (BDS) regular team monitoring, capacitating the RuMEPP support staff, creation of database software application.
The region was also noted for the application of local and regional economic development approach for easy coordination, complementation with existing industries, making use of what is the strength of the province and conduct of stakeholders’ analysis.
RuMEPP, with an approved budget of 27.5 million dollars, targets to directly benefit 200,000 households in Regions 5, 8, 12, 13 and the Cordillera Administrative Region.
The program was designed to raise the incomes and improve the livelihoods of poor rural people by providing them with loans and other financial services, and with business development services such as capacity-building, market linkages and product development.