Free Business Education for Filipino Business Owners
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We, Accountancy, Business and Management (ABM) students, aware of the challenges faced by Filipino small business owners, appeal to the Department of Trade and Industry to provide free mandatory business lectures to aspiring business owners prior grant of business permit.
MSMEs are key players in the country’s emerging economy. In 2011, micro, small and medium enterprises accounted for 99.6% of businesses in the country. Correspondingly, they recorded a 32% contribution to the country’s gross domestic product (GDP). By 2014, MSMEs generated 62.8% of the jobs in the business sector.
Despite the big contribution MSMEs bring to the country, most of these enterprises are not governed by proper business and accounting concepts. Usually, owners of MSMEs do not have the skills to properly record business transactions. This prevents them from building a financial profile attractive for capital loan applications. Worst, their lack of business acumen may entail bankruptcy.
Given their aggregate contribution to the country, a detriment of MSMEs is commensurately a detriment to the national economy. This underscores the need for proper business education amongst the sector.
Secure a healthy business environment. Educate MSMEs.
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