The ASEAN CSR Network unveiled its comprehensive report on financial inclusion for MSMEs, titled "Towards Inclusive and Sustainable Growth in the ASEAN Economic Community." It was presented to the public by the CEO of ACN, Mr. Thomas Thomas, at the ASEAN Inclusive Business Summit 2017, held at the Marriot Hotel in Manila, on September 6. 

Aside from leaders in ASEAN, among the delegates present in the summit were thirteen (13) fellows of the ASEAN CSR Fellowship, who were also in Manila for the last module of their programme.

The summit served as the perfect avenue for the report launch, because it sought to showcase the role of the private sector and the government in working together to reach development goals and to allow inclusive business models to thrive.

The focus of the report is on how ASEAN could build up the Micro, Small and Medium Enterprises (MSME) sector, with greater financial and technical support to ensure their growth and prosperity. 

The report covering 10 ASEAN Member States is a result of a 12-month study which began in September 2016. The study was jointly conducted by the ASEAN Business Advisory Council (ASEAN-BAC), Oxfam, ASEAN CSR Network (ACN) and AVPN, funded by the Rockefeller Foundation and the Government of Sweden.

 The report highlighted 5 key recommendations:

1. Strengthen responsible and inclusive conduct among businesses, including to encourage larger corporations with the capacity to support MSMEs through their value chain

2. Deepen technical support for MSMEs to improve access to finance, including training on hard business skills and strengthening entrepreneurial networks for peer support

3. Promote alternative finance with an emphasis on inclusive financing options

4. Provide targeted support to improve women’s access to finance

5. Promote responsible finance, i.e. factor Environmental, Social and Governance (ESG) criteria into lending decisions

The full report may be viewed here.

Click here for a summary of the report.