THE PHILIPPINE

ECONOMY: HOW DOES

AN ECONOMY GROW

Prepared by:

Mrs. Belen Apostol

The Philippine Economy: How

does an Economy Grow

The Philippines is a highly entrepreneurial country.

The main reason that drives its entrepreneur spirit
is its poverty. Small and medium-sized enterprises
(SME) account for the largest share of Philippine
entrepreneurs. SMEs, including micro-enterprises,
account for 99 percent of all business
establishments and 60 percent of the exporting
firms in the Philippines. SMEs currently employ
about 55 percent of the Philippine labor force and
contribute 30 percent to total domestic volume
sales.

http://www.internationalentrepreneurship.com/asia/philippines/ http://www.letsgo.com.ph/what-we-do/the-context-entrepreneurship-in-the-philippines

The Philippine Economy: How

does an Economy Grow

Challenges for entrepreneurs in Philippines include

a lack of research and development, inadequate
access to technology, financingmost
entrepreneurs starting small business in the
Philippines have difficulty acquiring capital, a lack
of marketing advice and logistical problems in
setting up and maintaining the competitiveness in
the community. For this reason, the Philippine
government has identified the need to foster
entrepreneurial spirit to jumpstart the lagging
economy.

http://www.internationalentrepreneurship.com/asia/philippines/ http://www.letsgo.com.ph/what-we-do/the-context-entrepreneurship-in-the-philippines

The Philippine Economy: How

does an Economy Grow

To overcome these challenges today, the

government is promoting Entrepreneurship
and giving Filipinos the proper knowledge and
tools in starting their own businesses.

The Philippine government sees that

Entrepreneurial efforts will help ignite economic
growth, improve living standards, and build a
worldwide market for Philippine products.

http://www.internationalentrepreneurship.com/asia/philippines/ http://www.letsgo.com.ph/what-we-do/the-context-entrepreneurship-in-the-philippines

The Role of Entrepreneurship

in Economic Development
1. Entrepreneurship employs the
various resources present in the
economy.

The Role of Entrepreneurship

in Economic Development
2. Entrepreneurship provides
employment opportunities to
various individuals.

The Role of Entrepreneurship

in Economic Development
3. Entrepreneurship is the backbone of
the economy.

The Role of Entrepreneurship

in Economic Development
4. Entrepreneurship has the ability to
innovate goods and services
thereby makes life more
comfortable and convenient

The Role of Entrepreneurship

in Economic Development
5. Entrepreneurship has the ability to
gain international popularity and
prestige for a country

The Role of Entrepreneurship

in Economic Development
6. Entrepreneurship has the
willingness to take risks, risks that
society will otherwise be hesitant to
take.