President Ferdinand Marcos Jr. urged businesses on Monday to support efforts to promote the country's micro, small, medium, and nano enterprises, stressing their importance in economic development and job creation.
With the fundamental shifts in the global economy brought about by the COVID pandemic, the government is attempting to establish an ecosystem for entrepreneurs, according to Marcos, who spoke during the unveiling of the Cebuana Lhuillier Group of Companies' Kanegosyo Center in Para&ntilde;aque City.
He said that 99 percent of firms in the Philippines are micro, small, and medium enterprises, and the sector employs approximately 63 percent of the workforce.
According to Marcos, the concept of small firms now encompasses nano enterprises, which do not fall into any category of economic activity "because they're way below the radar."
"And this is what &lsquo;Kanegosyo&rsquo; and all the other programs that are hoping to assist our small businesses are trying to achieve," the President said.
"That is why it is not something that is done just purely out of business instinct. It&rsquo;s not something that is done just to earn profit. It is something that is done to help."
Meanwhile, Cebuana Lhuillier, the country's largest microfinance provider, is behind Kanegosyo Center.
It is a long-term collaboration with the government that aims to encourage MSMEs' development through comprehensive, curated offerings of resources and helpful interventions.
The center is an online one-stop shop for microloans, microinsurance bundles, savings accounts, micro investment, and sales systems, specialist support through a mentorship program, and assistance and advice on government processing needs.
According to Jean Henri Lhuillier, president, and CEO of Cebuana Lhuillier, Kanegosyo Center was conceived and fine-tuned to address issues that continue to challenge the country's MSMEs, such as access to financing, market reach, ease of doing business, and coaching to provide the education and capacity building needed in growing their businesses.
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