Small and medium enterprises (SMEs) must have greater access to capital with lesser interests so they won’t spend their money paying for their debts, according to Senate minority leader Alan Peter Cayetano.

Based on his recent meetings with vendors, Cayetano lamented how the ordinary Filipino is unable to feel the government's much-touted 6.6 percent economic growth.

"If we are truly growing, then this should trickle down to the people in terms of lower prices of commodities, increase in number of jobs, and higher wages for all Filipinos. Growth should be felt by all," he said.

The minority leader said that according to the market vendors, so much of their income is lost due to high interest rates given by "5-6" operators, who charged them with an interest of 20 percent instead of the standard six percent.

Cayetano said that the establishment of more cooperatives could help end this and consequently provide more capital for all those in it - lender and debtor alike.

"It's simple: Good payback means good business all around. Instead of people spending so much of their income paying debts, they could instead borrow from the cooperative with less interest. Their interest in turn could help fund the businesses of other cooperative members," he said.*