In a country where the average person earns around $290 a month, it’s no wonder why many people are struggling to get by. This is why Filipino entrepreneurs are so important for the Philippine economy. They provide jobs, help grow businesses, and create products and services that improve people’s lives. Here are five reasons why Filipino entrepreneurs are essential for the Philippine economy:
Importance of Filipino Entrepreneurs
- They Provide Jobs
- They Help Grow Business
- They Create Products and Services
- They Generate Tax Revenue
- They Help Create a More Competitive Economy
They Provide Jobs
They provide jobs. Filipino entrepreneurs create jobs not just for themselves but also for other Filipinos. In fact, according to DTI 2020 MSME Statistics, small and medium enterprises account for 62.66% of all jobs in the Philippines. This means that without entrepreneurs, many Filipinos would be unemployed.
They Help Grow Businesses
They help to grow businesses. By starting and growing their businesses, entrepreneurs help contribute to the Philippine economy’s growth. In 2016, for example, small and medium enterprises contributed around PHP610 billion to the country’s gross domestic product.
They Create Products and Services
They create products and services that improve people’s lives. Entrepreneurs always develop new products and services that make life easier and better for people. From food delivery apps to online shopping platforms, entrepreneurs are constantly finding new ways to improve the lives of Filipinos.
They Generate Tax Revenue
They generate tax revenue. When businesses are successful, they generate tax revenue for the government. This is important because it helps to fund public services like education and healthcare.
They Help Create a More Competitive Economy
They help to create a more competitive economy. By starting businesses, entrepreneurs help to make the Philippine economy more competitive. This is important because it attracts foreign investors and helps to improve the country’s overall economic standing.
Summary
The five points above show why Filipino entrepreneurs are essential for the Philippine economy. They provide jobs, help businesses grow, generate tax revenue, create products and services that improve people’s lives and help to make the economy more competitive. If you’re considering starting a business in the Philippines, know that you would play an essential role in the country’s economic development. Thanks for reading! I hope this article was helpful.
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FAQ
Entrepreneurs play a vital role in our economy by creating new businesses and jobs. They help drive innovation and economic growth and are essential to a thriving society.
There are many reasons why entrepreneurs are essential to our economy. One of the most important is that they create new businesses. This is critically important for economic growth, as it helps to increase competition, spur innovation, and ultimately lead to higher productivity and living standards.
An entrepreneur helps society by creating jobs and economic opportunities. They also help to bring new products and services to market, which can improve the quality of life for everyone. Additionally, entrepreneurs often take an innovative and creative approach to problem-solving, which can lead to new solutions for longstanding social issues. Ultimately, entrepreneurs play a vital role in driving progress and prosperity for all.
There are many ways in which entrepreneurship can help you in the future. Starting your own business can give you the opportunity to be your own boss, set your own hours, and control your own destiny. As an entrepreneur, you will also learn valuable skills such as problem solving, marketing, and financial management. These skills will not only help you in running your own business but can also be transferred to other areas of your life.
About HICAPS
HICAPS Mktg. Corp. is a Filipino company that provides business advice to small businesses and startups. If you enjoyed this article, check out our website for more great content like this! We have articles on everything from baking recipes to marketing tips, so there’s something for everyone.
HICAPS is also committed to helping bakers and businesses make delicious products by offering ChiffonAide Cake Oil, Magic Whizk Whipping Cream, and Emulco Flavors!
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- About the Author
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Mervin Manalo is a Chemical Engineer who graduated from De La Salle University in Manila, Philippines. He has over 20 years of experience in the food industry and currently serves as President and CEO of HICAPS Mktg. Corp., a provider of prime baking ingredients.
He also attended a mini MBA program at Guthrie-Jensen, which helped him broaden his business knowledge and skills. Under his helm, HICAPS expanded its business and helped more clients grow thru the years. He loves technology and new trends and is always looking for ways to improve his products and services.
