CEBU-BASED Prince Retail Group has been honored as the 2024 ASEAN Inclusive Business Awardee, representing the Philippines for its efforts in empowering micro, small and medium enterprises (MSMEs) in the countryside.
Robert L. Go, chief executive officer of Prince Retail Group, received the award on Monday, Sept. 23, 2024, during the 7th Asean Inclusive Business Forum in Lao PDR (Lao People’s Democratic Republic).
“It is an honor to receive this award on behalf of the Philippines, recognizing Prince Retail’s commitment to serving the underserved for over three decades. With Asean’s adoption of the Inclusive Business Framework, I hope the Philippines will follow suit, encouraging businesses to create meaningful impact for Filipinos at the base of the economic pyramid,” said Go.
The 7th Asean Inclusive Business Forum is a key regional event focused on promoting Inclusive Business practices across Southeast Asia. Organized by the Asean Coordinating Committee on Micro, Small and Medium Enterprises, the forum aims to highlight the role of businesses in creating economic opportunities for low-income communities, while fostering inclusive growth in the region.
It serves as a platform for government officials, business leaders, development organizations and other stakeholders to share best practices, discuss policies and explore partnerships that support inclusive business models.
Inclusive Business models integrate low-income communities into their core business operations, either as suppliers, distributors, or customers, ensuring that these communities benefit from the economic value chain. The forum addresses challenges and opportunities in implementing such models, especially for MSMEs, which play a crucial role in Asean economies.
Prince Retail, with 34 years of experience in the retail industry, has made Inclusive Business a core element of its operations, driven by its mission to “serve the underserved.” This commitment reflects the company’s dedication to providing essential goods and services to low-income communities, ensuring that even the most marginalized sectors have access to affordable, high-quality products.
Prince Retail is present in 70 locations across the Philippines, primarily in rural and provincial areas.
Its Prince Hypermart was recognized for its significant support of “sari-sari stores,” the backbone of Philippine retail, which is predominantly operated by women. Through targeted programs, the company said it has empowered these small business owners to expand their operations and enhance their family incomes.
Moreover, the company’s dedication to sustainability, such as integrating eco-friendly architecture into its retail outlets, helps lower operational costs, which are then passed on to customers as savings. It added that by creating local job opportunities, the company also aligns its business model with the core principles of Inclusive Business.
Melanie Ng, the Visayas representative in the country’s Micro, Small and Medium Enterprise Development Council and Central Visayas governor of the Philippine Chamber of Commerce and Industry, said the 7th Asean Inclusive Business Forum and Awards has provided constructive insights into how the community will prosper more and thrive better where business enterprises practice Inclusive Business.
“I’m very proud of our country awardee, Prince Retail, because they are serving the underserved with affordable consumer goods in stores located in far-flung municipalities and provide employment to the communities there too. The effect on our countrymen at the bottom of the pyramid is immense and their efforts are commendable,” Ng said. / KOC