MANILA, Philippines — ASEAN Business Advisory Council (BAC) chair for the Philippines Joey Concepcion has expressed elation at regional leaders’ view of entrepreneurship and their digitalization as a key driver of inclusive growth in the region.
Concepcion said regional leaders expressed this sentiment as they wrapped up their two-day top-level meetings at the ASEAN 2022 Summit in Phnom Penh, Cambodia.
“I am elated that the leaders were unanimous in saying that MSMEs (micro, small and medium enterprises) are the true engine of growth in ASEAN,” Concepcion said yesterday.
The Go Negosyo founder emphasized that MSMEs comprise 99 percent of all establishments and 85 percent of jobs in the ASEAN region, adding that they also account for 45 percent of the region’s gross domestic product.
Concepcion also expressed optimism as the leaders recognized the role of governments in helping MSMEs.
“We’re all moving in the same direction,” Concepcion said, noting how the ASEAN leaders affirmed digitalization’s role in enhancing MSMEs competitiveness and productivity across the region.
President Marcos also cited the digital transformation’s role in upgrading and upsizing MSMEs.
“This is in addition to our efforts to enable our systems to catch up with the rapid development of the digital economy,” Marcos said at the ASEAN Business and Investment Summit.
Concepcion explained that digitalization and cooperation are central to the regional mentorship program called the ASEAN Mentorship for Entrepreneurs Network (AMEN) program.
AMEN aims to share best practices and know-how among MSMEs in the ASEAN. It is the legacy project of the Philippines’ 2017 chairmanship of the ASEAN, which also coincided with the 50th anniversary of the union.
“With AMEN, MSMEs can learn from other small entrepreneurs and mentors across the region. Mentors can also exchange knowledge and learn from each other on a regional scope,” said Concepcion, whose non-profit group Go Negosyo mentors thousands of MSMEs in the Philippines every year.
“Our goal is to scale up our MSMEs through access to what we call the three M’s of MSME development – mentorship, money and market – using both traditional and digital platforms,” he said.
Phase 1 of AMEN was piloted in Indonesia, Malaysia and the Philippines in 2019, with 127 entrepreneurs and 48 mentors participating.
Currently, phase 2 is now in its buildup stage and is set to be implemented across Southeast Asia. Both phases of the project were funded by the Japan-ASEAN Integration Fund.
“AMEN plans to train, in each ASEAN country, between 1,000 to 2,000 MSMEs each year. This we hope will one day grow to a network of thousands of confident entrepreneurs, able to grow and generate more jobs in the ASEAN, creating an inclusive economy and bringing prosperity for all,” Concepcion said.
Meanwhile, ASEAN BAC chair Neak Oknha Kith Meng pointed out that MSMEs are most vulnerable to uncertainties.
He recommended making economic integration a priority to achieve faster economic resilience at national and regional levels.
“Otherwise, we are helpless amid all the uncertainty, especially our workforce and our MSMEs,” he said.