MANILA -- The Board of Investments (BOI) said it will continue to promote the inclusive business model by encouraging stronger partnerships between big companies and smaller, community-based businesses.
The BOI revealed that it has facilitated matching sessions between 75 micro, small, and medium enterprises (MSMEs) and 10 institutional buyers in Cagayan de Oro, aiming to integrate the MSMEs into the value chain of the bigger enterprises.
"By encouraging low-income communities as partners, suppliers or employees in value chains of big businesses, inclusive business can transform communities into new markets and new sources of entrepreneurial talent," Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said on Friday.
Among the company buyers looking for MSME partners were AnakCiano, Inc., Limketkai Luxe Hotel, N Hotel, VIP Hotel, Vjandep Ventures, Inc., Bigby’s Corp., Amley Food Corp., Street by Agila Innovations, Inc., and YSU Marketing Corp, it was disclosed.
Initial deals between company buyers and MSMEs amounted to PHP4 million, while more sales and supply agreements are under negotiation.
The BOI official revealed that the matching sessions have resulted in a 250-metric ton corn supply deal between the feed mill division of AnakCiano and corn grower Bolo Farm. Also, the VIP Hotel will be sourcing its guyabano puree from RJ Sun Tropical Herbs and Fruits.
“Inclusive businesses go beyond philanthropy and invest in addressing the problems of the poor because it makes good business sense,” Rodolfo added.
To encourage big firms to use the inclusive business model, the BOI makes available to them fiscal incentives for linking low-income communities to their value chain through the 2017-2019 Investment Priorities Plan. (PNA)
