RECOGNIZING the important contributions of women in nation building and economic growth, both the public and private sectors have committed constant support to reach women’s full potentials.
According to Department of Trade and Industry (DTI) Secretary Alfredo Pascual, women now lead about 313,608 businesses in the Philippines.
“They represent optimism about our country’ recovery and growth,” he said during the Go Negosyo’s Women Entrepreneurship Summit held recently at the Ayala Malls Manila Bay in Parañaque City.
Women play a crucial role in the business community, driving economic progress, creating more equitable society and jobs faster than their male counterparts, bringing unique perspectives and experiences to the table, and increasing creativity, innovation and decision-making, the DTI chief pointed out.
“When women succeed in business, they serve as role models and mentors for other women. We see more of these inspiring other women to pursue their entrepreneurial dream. This will now create a virtuous cycle of empowerment and encouragement for more women to enter the business world,” the DTI chief explained.
While entrepreneurial spirit is high among the female populace, however, 99 percent of Filipino entrepreneurs remain poor, per Go Negosyo Founder Joey Concepcion.
With this in mind, he appealed to big businesses to include them in the value chain. Failing to do so, he warned, “This country will grow slower and will not be inclusive.”
Concepcion, who is also the Private Sector Advisory Council jobs group lead, is certain that public-private partnerships designed to help struggling micro, small, and medium enterprises (MSME) move up the chain will happen under the administration of President Ferdinand R. Marcos Jr.
“We must make the Philippines an inclusive country, whereby every Filipino out there will have the chance to succeed as entrepreneur and improve the lives of their families,” he said, while citing the business community’s commitment to work with the government to realize such goal.
Pascual also shared DTI’s priority to empower and support businesses, including MSMEs.
DTI program for women entreps
For the women leaders of micro enterprises as well as big players, he noted that the DTI has crafted initiatives that will enable them to overcome and thrive amid barriers in their access to money, mentorship, and the market.
To level the playing field for women, the DTI chief said that women entrepreneurs could be part of initiatives, such as Rural Agro-Industrial Partnership for Inclusive Development (RAPID) Growth Project, She Trades Philippines, and Investing in Women in Asia.
“Women who own or operate enterprises are also among those we support to enable them to transform digitally so that their businesses can thrive in the midst of Industry 4.0 and the digital era. I believe in women’s immense potential and capabilities as well as strength,” Pascual said. “[So] rest assured that we, at DTI, would continue to support you as you contribute to nation building.”
P1-billion mark
The trade department, through its financing arm—Small Business Corp. (SBCorp)—releases accessible loans in soft terms, which, as of now, has already reached around P1 billion under the Bayanihan CARES.
SBCorp also implements other borrowing schemes like the Pondo sa Pagbabago at Pag-asenso that offers affordable interest rates and charges that suit the capacities of enterprise borrowers with relatively small asset size.
Themed “Celebrating Inspiring Filipina Entrepreneurs”, the Women Summit 2023 highlighted the role of women in various fields, including innovation, technology, trade, and business leadership.
The event was also an opportunity to present successful business models that women can venture into, and inspire the next generation of women entrepreneurs and leaders to pursue their dreams, build their businesses, and make a positive impact on society.
Recognition
Women who have excelled in their respective fields of business were recognized through the 2023 Inspiring Filipina Entrepreneurship Award during the summit.
Concepcion revealed that First Lady Liza Araneta Marcos, who graced the conclave, mentioned to him that President Marcos would be giving a “generous” capitalization at an undisclosed amount to many of the 15 recipients of the accolade.