Finding the ‘BFF’ for your business

I recently caught up with a friend of mine who was in the middle of opening a small business of her own: a humble bakery, which has been her dream for as long as I could remember. I’ve always found that having motivation and a self-starter attitude is really admirable, given that starting any enterprise by yourself is no easy feat.

But after the initial hurdle of finding an ideal location, securing capital and overcoming the mountain of paperwork needed, I was happy to hear that the regulatory and licensing side was a lot smoother and more efficient than expected. “To be honest, I did almost everything online,” she told me.

Her experience mirrors those of thousands of other business owners that have found out what it’s like to do business in Quezon City – aptly recognized as the Most Business-Friendly LGU in its category last year. As an advocate of local entrepreneurship, I will always find time to talk about the things this city is doing right, and how other local government units can emulate their initiative and build a business haven of their own.

In 2023 alone, Quezon City welcomed 11,929 new businesses and saw 77,041 renewals. These numbers, to me, reflect the trust of the business community in Quezon City’s reputation as one of the best places to do business.

With nearly 90,000 registered businesses last year, QC arguably is one of the key cities setting the pace for the country’s economic development.

Additionally, it proves that the city’s commitment to creating this environment is bearing fruit, whether they are multinational corporations or micro, small and medium enterprises (MSMEs). This success stems from a two-fold strategy: first, nurturing MSMEs, including even the smallest of operations – nano-enterprises – and providing them with the tools they need to thrive. Second, refining local economic policies to attract larger investors. The outcome of these efforts becomes evident in the city’s consistent growth and its ability to generate tangible benefits for its residents, neighboring areas and the country as a whole.

The city’s progressive initiatives, such as the StartUp QC program, offer promising startups the chance to access key benefits that can accelerate their growth. In addition to financial support, startups were exposed to industry experts, mentors and accelerators — invaluable resources for anyone looking to bring a market-ready product or service to life.

Equally commendable is the city’s recognition of the vital role nano-enterprises play in the local economy. These include sari-sari stores, carinderias, street vendors and other small-scale businesses that the local government considers a major part of the backbone of its local economy.

The enactment of the Quezon City Nano-Enterprises Registration Ordinance in April 2024 marked a pivotal moment for these small businesses. Through this ordinance, an estimated 55,000 nano-enterprises now have access to a range of benefits, including financial support, tax relief and priority access to government programs. This not only offers a lifeline to the city’s smallest businesses, but strengthens as well the broader economy as it ensures the sustainability of our grassroots enterprises.

As Mayor Joy Belmonte aptly noted, “We recognize the vital role that nano-entrepreneurs play in our local communities. Sari-sari stores, carinderias and beneficiaries of the Pangkabuhayan QC Assistance Program deserve the support they need to thrive.”

And the city’s support, of course, isn’t limited to small businesses. As I write this, the city is making remarkable strides in attracting large-scale investors by streamlining its processes, while staying aligned with national priorities. The amendment of the QC Incentives Code, conforming with the Bureau of Investments’ National Strategic Investment Priority Plan, is a prime example. The updated code now offers incentives such as two-year tax exemptions for new buildings and three-year exemptions for businesses operating in priority sectors.

These reforms are not just beneficial for businesses but also serve the city’s long-term goals, guided by the AmBisyon 2040 objectives, and as well as the United Nations’ Sustainable Development Goals.

As the city continues to refine its economic policies and infrastructure, it positions itself as a hub for innovation, progress and inclusivity. In doing so, QC sets a high standard for what a true business-friendly city can achieve for both its constituents and its stakeholders, from the sari-sari stores and bakeries, to the biggest investors and the greater national economy.