The Department of Trade and Industry – Export Marketing Bureau (DTI-EMB) in collaboration with Philippine Trade Training Center – Global MSME Academy (PTTC-GMEA), conducted a webinar entitled COVID-19 Islamic Finance Assistance for PH MSMEs Assurance on 23 July 2020 via Zoom and Facebook Live.
The webinar was attended by approximately 400 participants from the micro, small, medium and large enterprises. These businesses primarily are from food, cosmetics, pharmaceutical, logistics, financing, tourism and hotel/restaurant/catering services.
The said activity informed MSMEs on the recent developments of the Philippine Islamic banking and finance law or RA 11349, and provided awareness for the MSMEs on the Islamic finance assistance offered by relevant institutions.
This is part of the Program Support initiative of the Export Marketing Bureau as the Secretariat of the Philippine Halal Export Development and Promotion Board to assist exporters to venture into more Halal markets.
Topics discussed were Overview of the Islamic Banking and Finance in the Philippines by Atty. Noel P. Tianela, Deputy Director, Supervisory Policy Research Department of Bangko Sentral ng Pilipinas (BSP); COVID-19 Assistance to restart Enterprises: SB Corporation CARES program by Mr. Frank Lloyd C. Gonzaga, Vice President for Planning and Advocacy Small Business Corporation; Financing Service Product for MSMEs by Mr. Kamrul H. Tarafder, President and CEO ASA-Philippines Foundation Inc.; while Ms. Sarima M. Punguinagina of Al-Amanah Islamic Investment Bank of the Philippines discussed Islamic Finance Prospects Amid COVID-19 Pandemic.
Quotations:
Usec Gani:
“I am pleased to finally have a particular session on Islamic banking and finance to discuss possible options for our MSMEs who are seriously affected by the Covid19 pandemic. I personally requested this session because I know that financing is very crucial part of our businesses as we keep our heads above water amid this health crises.”
Atty. Noel Tianela, BSP
“Developing Islamic Banking and Finance in the Philippines can promote inclusive finance and it may also trigger inflows of foreign investments which can in turn be deployed in building necessary infrastructures: ASEAN Integration, Further liberalization of entry of foreign banks in the country (R.A. 10641 “An Act allowing the full entry of Foreign Banks in the Philippines”
Mr. Frank Lloyd Gonzaga, SB Corp
“SB Corp COVID-19 Assistance to Restart Enterprise (CARES) program is the Corporation’s milestone contribution to inclusionary financing; a financing model mirroring Islamic Financing principles” ♦
Date of Release: 10 August 2020