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THE PHILIPPINE ECONOMY:

HOW DOES AN ECONOMY GROW?


The Philippine Economy:
How does an Economy Grow?
 The Philippines is a highly entrepreneurial country. The
main reason that drives its entrepreneur spirit is its
poverty. Small and medium-sized enterprises (SME)
account for the largest share of Philippine
entrepreneurs. SMEs, including micro-enterprises,
account for 99 percent of all business establishments
and 60 percent of the exporting firms in the Philippines.
SMEs currently employ about 55 percent of the
Philippine labor force and contribute 30 percent to
total domestic volume sales.
The Philippine Economy:
How does an Economy Grow
 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
advise and logistical problems in setting up and
maintaining competitiveness in the community. For
this reason, the Philippine government has identified
the need to faster entrepreneurial spirit to jumpstart
the lagging economy.
The Philippine Economy:
How does an Economy Grow?
 To overcome these challenges today, the
government is promoting Entrepreneurship and
giving Filipinos the proper knowledge and tools in
starting their own businesses.

 The Philippine government sees that Entrepreneurial


efforts will help ignite economic growth, improve
living standards, and build a worldwide market for
Philippine products.
The Role of Entrepreneurship in
Economic Development
 1. Entrepreneurship employs the various resources
present in the economy.
The Role of Entrepreneurship in
Economic Development
 2. Entrepreneurship provides employment
opportunities to various individuals.
The Role of Entrepreneurship in
Economic Development
 3. Entrepreneurship is the backbone of the economy.
The Role of Entrepreneurship in
Economic Development
 4. Entrepreneurship has the ability to innovate
goods and services thereby makes life more
comfortable and convenient.
The Role of Entrepreneurship in
Economic Development
 5. Entrepreneurship has the ability to gain
international popularity and prestige for a country.
The Role of Entrepreneurship in
Economic Development
 6. Entrepreneurship has the willingness to take risks,
risks that society will otherwise be hesitant to take.
The Filipino Entrepreneur

The Philippine Entrepreneurship Report 2015-2016


The Philippine Entrepreneurship Report 2015-2016
Societal Perception on
Entrepreneurship
 The Philippines registered the highest societal
perception of entrepreneurship in terms of
entrepreneurship as a good career choice and
media attention on entrepreneurship among
countries in Southeast Asia in the 2015 GEM survey.

The Philippines and GEM 2015 Global Report


Societal Perception on
Entrepreneurship
 In the Philippines, 76% of the survey respondent
placed high status on entrepreneurs and 73%
regard entrepreneurship as a good career choice.
This is supported by the high media attention being
given to entrepreneurship.

The Philippines and GEM 2015 Global Report


Societal Perception on
Entrepreneurship

The Philippines and GEM 2015 Global Report


Self-Perception about
Entrepreneurship

The Philippines and GEM 2015 Global Report


Self-Perception about
Entrepreneurship

The Philippines and GEM 2015 Global Report


Self-Perception about
Entrepreneurship

The Philippines and GEM 2015 Global Report


The Challenge to Entrepreneurs

 “Borderless World” – globalized trading system


The Filipino entrepreneur who used to develop and market
products locally is now faced with local competition with both
Filipino and foreign products and services which are now
available in the market.
The Filipino entrepreneur has to contend with casting out the
colonial mentality of the local market with its preferences for
imported goods.
Filipino entrepreneurs have the chance of developing and
marketing export – quality products awing to the various
incentives and support available.
The Challenge to Entrepreneurs

 “Cyber space or information highway”


◦ The resurgence and constantly improving information
technology sector is a development to watch and its benefit
for entrepreneurs to grab and exploit.
◦ By exploiting the benefits of information technology, and the
various software available in the market, one can easily
network with the foreign markets.
◦ The proliferation of computers both in offices and households
has revolutionized business operations and system, allowing
every place practically a base for business operations.
Entrepreneurship and Philippine
Education
 The inclusion of entrepreneurship education at the
secondary level. Vocational courses/subjects and
books at the secondary level include chapters
dealing with entrepreneurship.
 Courses leading to specialization on
entrepreneurship or major area of study subsumed
under the course leading to a degree in business
management or business administration.
Entrepreneurship and Philippine
Education
 The Council of Management Educators (COME), comprising of
academicians, has some way acknowledged entrepreneurship
as part of the management education.

 The Society for Entrepreneurship Education, Inc. (SEED) has


come into the arena of further promoting entrepreneurship
education both in formal and non-formal sectors and a number
of entrepreneurs themselves who continually talked it and
unwillingly share their experiences and expertise, hoping that
doers and believers of entrepreneurship will multiply in number.
Entrepreneurship and Philippine
Education
 The Commission on Higher Education (CHED) has pushed the
formal integration of entrepreneurship education pursuant to
Republic Act No. 7722 as embodied Memorandum Order No.
17 (CMO # 17) series of 2005 – Curriculum Requirement for
Bachelor of Science in Entrepreneurship (BS Entrepreneurship).

 Some schools have integrated entrepreneurship as a track or


major subject.
Socio-economic Benefits of
Entrepreneurship
 Promotes self-help and employment
 Mobilize capital
 Provides taxes to economy
 Empowers individual
 Enhances national identity and pride
 Enhances competitive consciousness
 Improves quality of life
 Enhances equitable distribution of income and
wealth.

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