Entrepreneurship: Key to solve Phl jobless rate

CEBU, Philippines - Encouraging the young people to enter the world of entrepreneurship is one key to reduce the high unemployment rate in the country and see how human capital can drive economic development, a Filipino youth leader said.

College graduates who are still unemployed should instead try to consider the path to entrepreneurship to contribute to nation-building, said Kathleen Largo, the co-founder of ASEANpreneurs Philippines.

She noted roughly 500,000 students graduate from college every year and not all of them get a job right away, thus making the youth unemployment rate rise in correlation.

"Definitely, the educated youth sector can do a lot and it is a privilege for the young people to become entrepreneurs," Largo told The FREEMAN in an interview during the Open Collaboration with East Asia New Champions 2014 Summit held in Movenpick Hotel Mactan Island Cebu last weekend.

She said many people are contributing to the rise of jobless rate and that the ASEANpreneurs, an international youth-run group, wants to spread the entrepreneurial will in every youth in the country and the whole of Southeast Asia to grow profitable businesses.

The organization's entrepreneurship initiatives help support the significant ways of using the natural talents of the young people in solving global challenges like unemployment, she added.

However, Jay Aldeguer, the founding curator of Global Shapers Cebu, said the parents and the culture in general have taughtthe Filipino youth to study and work in a company.

He added the Philippines has been known to be a country of jobseekers with 1.5 million Filipinos seeking jobs outside the country.

"We grow up in a culture wherein we are taught by our parents just to get a degree, study hard and go to a multi-national company," Aldeguer, also the CEO of the Islands Group, said during OCEAN 14's Inclusive Entrepreneurship session.

Largo echoed the same idea, saying people are accustomed to an environment where there is less motivation on the youth to become businessmen.

Change the mindset

Aldeguer emphasized the need to change people's mindset, urging more people to see the good chances in joining the business industry.

The founding curator also cited that although the country has achieved a high economic growth last year, "there is still no growth if others are left behind."

For his part, Earl Valencia, this year's Young Global Leader, said giving opportunities is one way to fuel the entrepreneurial spirit of the youth.

"How do we give opportunities to more students to become entrepreneurs?" he asked. "Everyone is hungry for opportunities but have no access."

Another speaker Ryan Quadalquiver, country manager of HP Philippines, said the attention should not only be focused on people who have degrees but see also the potential of the non-graduates, saying he has seen a lot of flexibility from them.

"It's not just all about the education but also the capability of these people," the manager stressed. "Companies must see and realize this and later on they will start to adapt."

Conference speakers said to achieve the"inclusive" state, people having limited access to the mainstream entrepreneurship and resources must be the priority.

Largo said there must be effective approaches for business development support in underserved communities, adding that small-scale entrepreneurship can make a real difference in people's lives.  (FREEMAN)