CEBU, Philippines - For the past decade, the Philippines was deemed as the “Sick Man of Asia,” and now, the country is considered as among of the “Breakout Nations” and one of “Asia’s Rising Stars” mainly because of its growing economy; it has also enjoyed credit rating upgrades from Fitch Ratings and Standard & Poor’s.
But these positive credits will not have a great impact if it does not translate to jobs and livelihood opportunities for many poor Filipinos, Senator Benigno “Bam” Aquino IV said.
During a recent entrepreneurship forum in Cebu, Aquino again emphasized that developing an entrepreneurial mindset among Filipinos is one way to achieve inclusive growth.
He particularly pointed out that the young people must be taught to have the “right mindset” to build their own enterprise to eventually create employment for the jobless people.
Aquino was in Cebu last week for the Go Negosyo Creativity and Innovation Summit.
While the nation’s economy continues to grow, the senator said the big challenge for both the government and private sector is really how to eradicate -- or at least lessen -- the poverty and unemployment rates.
The young senator said entrepreneurship is the key to solve these problems by creating wealth, jobs and social empowerment.
He also stressed it is not only enough to build enterprises but the country should also focus on training and making Filipinos to be true entrepreneurs. The upbeat economic developments should be supported by entrepreneurial initiatives to spread out the gains of economic progress, he added.
Joey Concepcion, founding trustee of the Philippine Center for Entrepreneurship-Go Negosyo, said the marginalized sector of the business community must be empowered by sharing of resources.
He called on the successful businessmen to help the micro-entrepreneurs and the marginalized ones grow so they can start to feel the country’s economic benefits.
“We have to change that mindset -- a mindset that is very difficult to change also. It will take time,” Concepcion said, referring to the outlook of most Filipinos who are culturally taught to become employees and not innovative entrepreneurs.
Concepcion likewise urged his fellow entrepreneurs to give back to the people, and that the best thing they can offer is inspiration.
“It’s not enough that we, businessmen and entrepreneurs, are successful. It is also time to give back to people who really need our help,” he added.
He especially urged the young people to have an enterprising attitude and expose themselves to things that can inspire them to become more creative and innovative.
The Go Negosyo official said eradicating poverty is the greatest challenge of the nation now, particularly citing the farmers as the poorest people in the business sector.
“How do we help them?” he asked. “Many of them are farmers -- they are the poorest. How do we help them to grow and become one of us one day.”
Aquino, who chairs the Senate Committee on Entrepreneurship, Trade and Commerce, said the Go Negosyo bill is one solution to help the micro, small and medium enterprises level up and hit the chances in doing business.
The said bill, which was recently signed into law by President Noynoy Aquino last July 15, wants to help small businessmen to grow and achieve inclusive growth for millions of Filipinos.
The MSME sector really needs comprehensive and meaningful support as it accounts for 99 percent of all businesses in the Philippines and at least 66 percent of all the jobs in the labor market.
Republic Act No. 10644 or the Go Negosyo Act requires local government units to build Negosyo Centers, through the Department of Trade and Industry, where entrepreneurs and would-be ones can gain access to the market, financing, enterprise development, mentorship and business registration. (FREEMAN)