DATA from the Philippine Statistics Authority showed that as of 2018 there are 1,003,111 business enterprises operating in the country. Of this number, micro-enterprises constitute 88.45 percent (887,272), followed by small enterprises at 10.58 percent (106,175), medium enterprises at 0.49 percent (4,895), and large enterprises at 0.48 percent (4,769). In a nutshell, 99.52 percent of businesses in the country are micro, small, and medium enterprises (MSMEs).
According to the Department of Trade and Industry (DTI), “these MSMEs generated a total of 5,714,262 jobs or 63.19 percent of the country’s total employment.” Micro enterprises produced the biggest share (28.86 percent) in the country’s total employment followed by small enterprises (27.04 percent) while medium enterprises at 7.29 percent. Large enterprises generated a total of 3,328,801 jobs or 36.81 percent of the country’s overall employment.
A total of 83.62 percent of MSMEs are into wholesale and retail trade; repair of motor vehicles and motorcycles; accommodation and food service activities; manufacturing; other service activities; and financial and insurance activities.
With these statistics alone, it is safe to say that the MSMEs have played a huge role in contributing to both society and the economy. Many of these MSMEs are also social enterprises that are providing a livelihood for those who are in need like people deprived of liberty, indigenous peoples, and the poor.
It is also good to point out that many of these MSMEs are also being operated by middle-income Filipinos who are looking for revenue streams to help their families and themselves.
However, with the coronavirus disease pandemic, many MSMEs have temporarily ceased operations, implemented cost-cutting initiatives, or forced leave. As a result, many workers have either less salary or lost their jobs entirely.
Hence, during these times of Covid-19 it is important that we also support the local businesses that continue to operate, especially for those who have an extra budget. Purchase meat from your local meat shop; buy food from your local restaurant every now and then; or tap your local delivery or errands service if you need something to be bought. Every peso that goes to them also goes to helping them provide the salary for their employees.
Some of the MSMEs, mostly micros, could be those who lost jobs during the Covid-19 and are trying to get back on their feet.
With what little extra that we have or whatever we can spare, we can continue to help our local economy. We are not only helping these MSMEs stay afloat but we are also helping those who are working for them and provide food for their families.