President Gloria Macapagal-Arroyo yesterday directed the Land Bank of the Philippines and the Development Bank of the Philippines to immediately set aside P50 million to finance the needs of promising start-up businesses, Malacañang said in a press release.

Arroyo, in her keynote address at the "Go Negosyo Entrepreneurship Summit" held at the Plenary Hall of the Fort Bonifacio Global City in Taguig, also asked Presidential Adviser on Jobs Generation Arthur Yap to coordinate with the two government-owned banks.

The amount will serve as an incubation fund with softer rates and longer term provisions for the financial needs of deserving and promising start-up business plan winners of the Philippine Center for Entrepreneurship, the press release said.

Arroyo said that the entrepreneurship summit, organized by Presidential Adviser on Entrepreneurship Jose Concepcion III, "symbolizes the commitment of the Filipino people to the economy."

"You form a people power in the innovative use of resources to build businesses and provide jobs," she said.

In her inaugural address in 2004, Arroyo vowed to create six to 10 million jobs by 2010 by developing one million entrepreneurs and developing two million hectares of land for agribusiness, the press release said. Arroyo also lauded the entrepreneurs as patriots. "There is great patriotism in setting up businesses that give jobs and feed the stomach and spirit of our countrymen and their families," she said.

The Filipino is inherently an entrepreneur as he is full of creativity and innovativeness but Concepcion's third trait-optimism--must be added to the Filipino entrepreneur's distinguishing qualities, the President added.*

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