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Monday, September 16, 2019

SMEs are most vulnerable

SMALL and Medium Enterprises (SMEs), considered as the backbone of the country's economy, is the most vulnerable and challenged in the economic integration.

This, according to Barbie R. Dapul, vice president for marketing of Globe myBusiness, emphasizing that the country's challenge is how to level up and boost the capacity of the SMEs, especially with the full implementation of Asean Economic Community (AEC) before the year ends.

“SMEs are integral part of Philippine economy yet most vulnerable to integration," she said.

She presented that SMEs must be guided with the unavoidable tougher competition due to globalization and continues the innovation process and product development.

“Our entrepreneurs have a thin awareness of technologies and support services available to them are limited,” Dapul said adding that a huge portion of SMEs are not yet technology ready or e-ready.

Recognizing the importance of Small and Medium Enterprises (SMEs) in the Philippine economy, Globe myBusiness take their share in boosting SMEs through its nationwide myBusiness day caravan.

The caravan was launched in Cauayan, Isabela and last Monday the event was staged in SMX Convention Centers where hundreds of Davao-based SMEs attended all in a bid to start a business or expand operations.

“This is our commitment to guide and lead our SMEs in the path of development and progress by providing them solutions and services and help them cope with the digitalization which is unstoppable,” Albert De Larrazabal, Globe chief commercial officer said.

Meanwhile, SMEs aspiring to explore overseas opportunities can adopt a new entry tactic of exporting finished goods, the SME Competitiveness Outlook 2015 report bared.

Published in the International Trade Centre, “SMEs are urged to consider trade in intermediate goods as an alternative path to integration with supply chains and penetrating global markets.”

"Firms can now opt to import or export intermediate goods, directly or indirectly. Trade in intermediate goods has been growing significantly over the past two decades, and is now estimated to account for two-thirds of all trade,” the outlook added.

Since production has now been allowed to be fragmented into specific tasks, firms are enabled firms to specialize in parts of a supply chain. This growth has been made possible by recent technological advances and reduced trade costs.

The regional office of the Department of Trade and Industry as per year end report showed that a total of 7,873 SMEs through the establishment of negosyo centers and conduct of SME Roving Academy and Shared Service Facilities.
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