Charoen Pokphand Foods has extended its Faster Payment, a net 30-day credit term programme, for another three months in a bid to help as many as 6,000 SMEs improve their financial liquidity and cash flow, the company said in a press release.
“The programme, which has been a success for more than 15 months, also helps boost SMEs’ financial status to promptly adapt to the post-Covid-19 business environment,” the statement added.
CP Foods vice president Thidarat Dechayonbuncha said the company agreed to extend the scheme until the end of March to relieve the financial burden faced by 6,000 SMEs, plus save jobs in the industry.
“The extension of the Faster Payment project will help strengthen SMEs’ financial status. With good finance, these businesses will be able to seek investment opportunities and grow steadily in a highly volatile situation.
“This is a New Year gift from CP Foods to our business partners,” Thidarat said.
She explained that CP Foods had initiated the Faster Payment programme in October 2020 to help SMEs by reducing the credit term to within 30 days after the company received products or services.
Aside from this project, she said, CP Foods has developed the potential of SMEs partners in various ways, including sharing policies and guidelines for responsible sourcing of goods and services, upgrading labour management standards and cooperating with the Thai Institute of Directors Association to raise awareness on anti-corruption practices throughout the production process.
“As a result, last year 20 SMEs declared their intention to take part in the business sector’s move to tackle corruption,” Thidarat added.
Published : January 13, 2022