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Go Negosyo founder Joey Concepcion is encouraging the Filipino small and medium enterprises to step up in the ASEAN region, saying that expanding their sights and taking steps to compete in the region will help the country achieve more inclusive growth.
Concepcion, who is ASEAN Business Advisory Council Chair for the Philippines, said that cooperation in helping MSMEs has been growing in the region, including the active sharing of teaching modules for MSMEs among ASEAN member-countries through programs like the ASEAN Mentorship for Entrepreneurs Network, and activities that promote global competitiveness such as the ASEAN Business Awards.
He said that these efforts help in making the region’s MSMEs a more prominent segment of the world economy. In the region, like in the Philippines, MSMEs account for as much as 99.9 percent of total establishments. They contribute as much as 85 percent of total employment, contributing as much as 44.6 percent to GDP, according to ASEAN estimates.
“They are crucial to the economic development of both the country and the region,” Concepcion said. “Beyond that, MSMEs play an important part in our goal for inclusive growth because they are present in both cities and provinces,” he said.
Further, he urged the country’s SMEs to raise their profile in the region by participating in regional competitions, such as the upcoming annual ASEAN Business Awards 2022. The competition is organized by the ASEAN Business Advisory Council, and aims to recognize outstanding and successful ASEAN enterprises contributing to ASEAN’s economic growth and prosperity. The award recognizes outstanding performance among the eight ASEAN Economic Community Priority Integration Sectors, including Tourism. Logistics, Real estate, Textiles, Healthcare. Handicraft Fintech, and Agri-based Products.
To qualify for the awards, nominees must be an ASEAN-incorporated enterprise with at least 40 percent ASEAN-owned equity, and should have been in operations for a minimum of three years (for SMEs) to five (for large companies) years. Applications are free of charge and can be accessed at bit.ly/ABA2022Ph, or email@example.com.
“We have so many SMEs who demonstrate innovation, and by the nature of their business, contribute to value-added activities and generate jobs for their communities,” said Concepcion.