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Market-DrivenEnterprises hold key tofuture of countrysideSmall and Medium Enterprises guided by global best practicesand responsive to market forces hold the key to the future of ruralareas, Ambassador Jesus P. Tambunting, chairman of Plantersbankand lead proponent of private finance for SMEs in the Philippinestold recently-concluded First Silang Seminar on InternationalDevelopment.Ambassador Tambunting, who chaired the Silang Seminar atthe International Institute for Rural Reconstruction headquartersin Cavite, said support for market driven rural enterprises pointshotlinethe way forward for developing economies in Asia, Africa andSouth America. Drawing from over 35 years of experience in SMEorientedprivate development finance, Ambassador Tambuntingsaid corporate organizations need not compete and reinvent standalone policies on microfinance.The best way to allow the market to work is to collaborate andcomplement existing micro credit providers and rural developmentactors through alternative investments, wholesale lendingprograms, capacity building, advise and bring micro entrepreneursand SMEs into the supply chains.Ambassador Tambunting emphasized the need for growthadding that “it also must have growth with distribution.”“It is imperative that we grow stronger rural economies wherethere is a good enterprise foundation to undertake productionand create additional value or wealth. This must be value that isretained and reinvested locally, in order to expand the enterprises,create new jobs, open fresh income opportunities and uplift thequality of people’s lives.”“Without this, poor areas will remain locked in a vicious cycle.Our growth has been consumer-driven and speculative to anextent. Short-term and palliative, such growth is unable to meetthe requirements of sustainable development.”“To develop and sustain a vibrant economy, we need anentrepreneurial base capable of building and directing localindustries that are competitive, guided by global best practicesand responsive to market forces.”“The greatest challenge for institutions like Plantersbank is tostay aligned with the evolving needs of small rural entrepreneursand keep a strong double bottom line orientation in the face ofgrowing competition,” Ambassador Tambunting said.“It is a daunting task, but we, as an organization, are inspiredby our past successes, and the knowledge that as we pursue ourbusiness objectives, we are making a vital contribution to nationalprogress and poverty alleviation.”Plantersbank chairman Ambassador Jesus P. Tambunting chairs opening sessionof First Silang Seminar on International Development. In the background areInternational Institute for Rural Reconstruction (IIRR) president Mike Luz, IIRRchairman Michael Gerber and former President Corazon C. Aquino, convenor ofthe Filipino Micro Enterprise (Pinoy ME) social consortium.Keynote speaker former President Corazon C. Aquino and Ambassador Jesus P.Tambunting, chairman of the Silang Seminar.Delegates representing Asia, Africa and North America gathered in Silang, Caviteto discuss development perspectives and models for the countryside.vol. 2 issue 3 2007 /