Traders setting up own bank
Businessmen in Compostela Valley are planning to pool resources to set up a bank to provide capital for small industries.
The proposal was presented by Ramie Villaflor, president of the Compostela Valley Chamber of Commerce and Industry during the One Town One Product (OTOP) Provincial Convergence held at the Provincial Capitol on November 27.
To be known as Entrepreneurs Bank, the proposed bank primarily aims to open windows for collateral-free loans to small business needing capital, said Villaflor, who proposed the idea during the business meeting organized by Governor Arturo “Chiongkee” Uy attended by key actors in the province’ business sector.
Eulogio Orevillo, Department of Trade and Industry Compostela Valley project manager, supported the idea for collateral-free loans for small business with proven tract records for their viability.
Participants in the OTOP meet also backed the proposal over crying need by small industries for bigger capital to push their ventures.
At present, the best performers in small and medium scale industry sector are virgin coconut oil, soap making, banana chips and banana flour making. Gov. Uy also has been pushing his pet industry on jewelry making as a small scale industry to backstop the province’s gold mining industry.
While he is throwing his full support to the proposed Entrepreneurs Bank, Gov. Uy however cautioned against initiators rushing the project that he said needs further study.
Filed under: Business, Chiongkee Uy, compostala valley | Tagged: eulogio orevillo, Gov. Arturo Uy, otop, ramie villaflor
