As we commemorate the bravery of those who fought for our country’s independence on National Heroes’ Day, we also celebrate our nation’s modern, unsung heroes who have made valuable contributions to the country’s economy. Aside from our Overseas Filipino Workers -- considered the “Bagong Bayani” -- we also applaud Pinoy microentrepreneurs who have been helping to shape the country’s economy and improve the health of its business ecosystem.
Microenterprises showcase Filipinos’ craftsmanship and creativity. In photos (top to bottom): Project Packs, a local outdoors brand known for its “Vestpacks” for day hiking and trail running; CMDC’s 96th batch of graduates, participants from San Fernando, Pampanga; zipper bags by Magic Hand Enterprise; and Bead Crafts from Uplift Philippines Inc.
Microentrepreneurs not only create wealth for themselves, but also contribute to the country’s economic development and sustainable growth. By creating new businesses, they are able to provide jobs which lead to an increase in per capita income regionally and across the nation.
On top of this, they also attract capital from investors, lenders, and even the public. This pooling of capital allows people to benefit from the distribution of profits and the entrepreneurs’ successes.
National growth is given a boost through the establishment of these businesses, and is reflected not only in the economy, but in the rise of infrastructure, social and educational institutions, community development projects, and the standard of living among the marginalized.
Responding to the Challenge
According to the Asian Development Bank, micro, small, and medium enterprises (MSMEs) are the backbone of Asian economies. It also stated, however, that poor access to finance and a difficult business environment hold back MSMEs from flourishing.
In response to these challenges, Citi Foundation, in partnership with Bayan Academy, has been providing quality training, customized coaching, and business advisory to microentrepreneurs all over the Philippines through the Citi Microenterprise Development Center (CMDC). Through its programs, the CMDC aims to develop and harness the skills of more microentrepreneurs in the country, so that they can further contribute to economic prosperity.
Article from CMDC Newsletter Volume IV | Issue No. 4 | August 2019