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7 February 2010

Philippine businesses see easier funding in 2010

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Privately held businesses (PHBs) in the Philippines are confident that access to financing would be easier this year amid the unwinding of the global credit crunch, the Manila Times reported, quoting a study by Grant Thornton International.

According to the firm’s latest International Business Report (IBR), about 35 percent of businesses thought access to finance would be “more” or “much more accessible” in 2010 compared with only 14 percent who were similarly positive 12 months ago.

About 69 percent of those surveyed felt their lenders were “supportive” or “very supportive” toward their business—still unchanged from 2009.

“Even when the global economic crisis hit us last year, the attitude of Filipino business leaders regarding their access to finance and the support they got from their lenders was still more upbeat compared to the global average,” Marivic Españo, managing partner and chief executive of Punongbayan & Araullo (P&A), said in a statement.

P&A, an audit, tax and business advisory firm, is a member of Grant Thornton International Ltd.

“And now, that confidence has been bolstered by signs that we are pulling out of the crisis. Banks are getting the word out that they expect to lend more, if not to big corporations then to SMEs [small and medium enterprises] that can drive growth. So this bodes well for local PHBs that want to expand their businesses in 2010,” Españo said.



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