According to “Entrepreneurship In the Philippines”
According to “Entrepreneurship In the Philippines” (2016), the Philippines is highly entrepreneurial country. The main reason that drives entrepreneur is it poverty. Small and medium size enterprises (SME) account for the largest share of Philippine entrepreneurs. SME’s including micro-enterprises account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. SME’s currently employed 55 percent of the Philippines labor force and contribute 30 percent to total domestic volume sales. Women hold significant leadership positions in national and local government, universities, business corporations and family business enterprises in the Philippines. 51% of entrepreneurs in Philippines are female. Challenges for entrepreneurs in Philippines include a lack of research and development, inadequate access to technology, financing—most entrepreneurs starting small business in the Philippines have difficulty acquiring capital, a lack of marketing advice and logistical problems. The Philippines government sees that Entrepreneurial efforts will help ignite economic growth, improve living standards, and build a worldwide market for Philippine products so they welcome foreign investors and offer incentive and support by lowering tariffs, opening its entire economy, including land ownership and “free trade. ” Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country. Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines.