ILOILO CITY, July 5 (PNA) -– About P50 billion are deposited in more than 50 commercial and thrift banks in the city and province of Iloilo that could be harnessed for business investments and make an economically strong Iloilo.
This was disclosed by Felicito Tiu, chairman of the Iloilo City Trade Investment and Promotions Board, in keynoting the opening of Iloilo SME Fair 2011 at SM City here on Monday afternoon.
Tiu, recently appointed by Iloilo City Mayor Jed Patrick as investment board chairman, said Ilonggos are mostly conservative and save their money in the banks. But this money could be used to fund micro, small and medium enterprises to set the countryside rolling for business.
Tiu also said MSMEs are considered as the backbone of the national economy. Ilonggos are currently supported by the national government through the Department of Trade and Industry (DTI) which conduct workshops and trainings for entrepreneurship.
The DTI regional office here was recently awarded an ISO certificate of excellence in meeting its challenges on public service.
Tiu said MSMEs engaged in food business continue to mushroom in the city and province.
On Monday, a total of 31 exhibitors showcased their newest product designs for this year particularly by the producers of gifts, decors and housewares who enrolled in the product development activity of DTI. (PNA)