Being your own boss, controlling your time, and owning a business – it’s easy to see why many people want to go into entrepreneurship rather than being employed. We collected nuggets of advice and a list of must-do’s for aspiring entrepreneurs.
1. Love what you do
“You need to love what you do, or sell, or offer,” according to Chit Juan, Co-Owner of ECHOstore Sustainable Lifestyle. Early in her childhood, she showed signs of entrepreneurship but only formally started a company after college. She founded a small café outside campus and went into other businesses involving things she liked such as coffee, music, and health, among others. She has been an entrepreneur for more than 30 years already. She shares the secret to her success, “Do not get into business for money alone. Yes, you must be financially profitable to be sustainable. But you must also think of your environmental and social impact.”
2. Have a positive mindset
For RJ Ledesma, Co-Founder of Mercato Centrale Philippines, television/events host and book author, it is important to, “Always have a positive mindset into things. Never see failure as failure but an opportunity to learn. Learn the best practices—what works for you and what doesn’t.” Along with other partners, he operates the Mercato Centrale group of weekend markets seen all over the metro. Although they have closed down some market locations, he doesn’t view it as a disappointment but as a learning experience. They have since opened other market concepts and have expanded to out-of-town locations.
3. Create a novel concept
When considering a start-up business, it is important to think of a new idea. Anton Diaz, Founder of OurAwesomePlanet.com, one of the top blogs in the Philippines, believes that, “The concept should be innovative, unique, and/or an improvement of an existing idea. It needs to be exciting to entice people to try and to convert people to become regular customers.” His blog posts about his food and travel adventures have become popular through of word-of-mouth and have gained him an impressive following in the industry. This foodie-entrepreneur also believes, “You should be able to execute and try the concept as fast as you can, and fail as fast so that you can refine into a winning concept. It is important to learn from failures fast and execute the improved ideas faster.”
4. Be accountable for your actions
Aside from business basics, entrepreneurs should understand the meaning of accountability. “Learn to embrace the responsibility of and appreciate the effects of your decisions; it is, after all, your company and not any one else’s,” shares Danella Yujuico Yaptinchay, a businesswoman who wears a lot of hats. She is currently the Managing Director of Full Suite, Inc. and Maestro (Publisher) of Homegrown Media www.homegrown.ph. Full Suite, Inc. is actually a business that services start-ups and entrepreneurs. Danella joined the company in 2009 and saw the potential of its business model when she met a lot of entrepreneurs from various industries and realized that everyone needs help in one form or another.
Maintain good relationships
Vince Golangco, Founder of WhenInManila.com, a popular online magazine with a community of over 200 contributors, knows that, “Business is all about relationships.” He actually got into the business by accident. He simply loved to write so he started a blog and things happened one step at a time from there. He slowly incorporated the things he learned from business books and turned his blog into an award-winning one. “I can’t stress enough how important it is to have good, trusting relationships with people. You will never succeed on your own.”
Have the heart to persevere
As a young girl, Cris Barancik would sell stickers and stationeries to her friends. In high school, she would supply cakes to her uncle’s coffee shop, and would even organize bazaars during the holidays. Although it didn’t attract a lot of shoppers, she continued to be an on and off entrepreneur for 25 years. “You must have that goal in mind in spite of difficulties and obstacles—there will be many—and not get easily discouraged,” Cris swears by this. “One must welcome challenges and see it as opportunities to learn and improve. If things don’t pan out the way you had hoped, there is always a way around it.” She is currently the Managing Partner of Strategic Vantage Advertising, a below-the-line marketing company that has been around since 2004. For her, “Failure does not define you. It just gives you an opportunity to learn and be better the next time around.”
With the growth of entrepreneurship in the UAE, a country with a vibrant SME sector accounting for 60% of the country’s non-oil GDP, Filipinos, who are amongst the largest expat groups, are catching on. More options for start-ups including flexible free zone facilities offered around the emirates are driving more and more Pinoys to leave the workforce to start their own business ventures or go into self-employment. Whereas, Filipino businesses tended to be community-focused serving the “kababayan market” in the past, a lot of Filipinos enterprises now serve the mainstream market and are present in sectors as diverse as food, fashion, health, hospitality, human resources, publishing, advertising, education, wellness, retail, franchising, real estate, financial services and etc.
Still, notwithstanding local incentives and lower barriers to entry, the ups and downs of both local and global economies have kept entrepreneurship the hallowed ground of the bold and the fearless. Illustrado speaks to six seasoned Filipino entrepreneurs who talk about how their companies where able to survive and thrive despite the market’s highs and lows, and how entrepreneurship is really not just about business plans and numbers – it is also about sheer guts and dogged determination.
Meet our panel of entrepreneurs:
Lucille Ong
LUCILLE ONG – Design Unlimited LLC
Former PBC Dubai Chairman Lucille Ong has been managing businesses in the market for the last 3 decades. Design Unlimited LLC, her latest venture, is an indoor and outdoor plant and maintenance provider for corporate clients. Introducing the company to clients in 2008 just before the economic crash, was tough, says Lucille, “but we just kept knocking on doors until they opened.” Now, Design Unlimited serves an esteemed roster of clients including malls, banks, hotels, among others.
Jovy Tuano
JOVY TUANO – Asia Gulf Trading
Former PBC Abu Dhabi Chairman Jovy Tuaňo set up Asia Gulf Trading in early 2004 in Abu Dhabi as a LLC importing Philippine contract furniture for the hospitality industry in Kuwait, Bahrain and UAE. After ten years, the company has diversified into food, trading and real estate. As CPA and licensed real estate practitioner, Jovy has also recently assumed leadership of Megaworld International for the Middle East, India and Africa as AVP for Sales.
Lea Cordon Ruof
LEA CORDON ROUF – Spa Cordon
An hotelier and spa expert for the last 15 years, Lea Cordon Rouf launched her own brand – Spa Cordon in 2012. An upscale ladies day spa, located in in Sky Gardens, DIFC, Dubai, Spa Cordon has won the Best Day Spa in 2013, at the Middle East Spa Awards, and was also awarded the Tripadvisor Certificate of Excellence in 2014 and 2015. The spa boasts five treatment suites, an oriental bath, sauna, two steam rooms, whirlpool, a nail lounge and pre & post relaxation areas. It also features an interactive beauty spa bar, stocked with an eclectic selection of natural ingredients.
Guil Afrika
GUIL AFRIKA – OneCM²
Guil Afrika’s company OneCM² started as an interior design company in 2011 but later evolved to what they are today – OneCM² Advertising LLC, a one-stop creative solution agency – providing services from design concept to final installation delivery. In a world of “cut and paste” designs and a “follow the leader” branding, Guil says their agency sets itself apart through its innovative, creative, and unique design and implementation model.
Maria Aranda
MARIA ARANDA – Captain Potato Foodstuff LLC
Maria Aranda’s company owns the franchise brands Captain Potato and I Love My Crepe. A company established in 2009, starting with humble wheeled cart/kiosk operations, they now have 9 outlets currently operating in Dubai and in Sharjah. Captain Potato is set to expand to dominate the market by opening 10 more kiosks all over UAE by the end of 2015.
Chris Calumberan
CHRIS CALUMBERAN – Chris Calumberan Photography
Prior to becoming a professional photographer, Chris was involved in web design, and production management for TV commercials. As brand ambassador for some leading photography brands, he speaks in some major photography workshops. His business, established in 2008, focuses on stills productions as well as videos, with fashion houses, advertising agencies and corporate offices as the main clients.
What’s the one thing that has allowed your business to survive and flourish all these years?
LUCILLE: Keeping a continuous dialogue with our clients – basically listening to them and being around when they need you.
JOVY: It is doing business with a mission for the benefit of the community, environment and for yourself that extends to family, staff and stakeholders. I may have personally failed and lost some money, but my stakeholders have gained from my enterprise e.g. dependents of staff, suppliers, competitors and customers.
LEA: Passion has given me the drive to succeed and be the best. I’ve taken everything I’ve learnt over the years, researched and learnt about the gaps in the market. I strive to give my customers an experience they can’t get anywhere else and am constantly trying to improve. I always ensure to train my staff regularly with new industry insights, or products and only employ those who show they are as passionate about their job as much as I am.
GUIL: Pure determination to achieve what you believe in is the key to keep you standing in this warzone. Focus to fulfill your vision and mission. Dubai is such a huge and fierce market, you need to be ready for the battle.
MARIA: We have developed a solid and successful business model and a team of qualified people growing Captain Potato in the market. I surround myself with great people who support and trust me. Being an entrepreneur can be a lonely job, but surrounding yourself with the best team enhances your chances to succeed, and it makes the process a lot more enjoyable.
CHRIS: We survive because of passion and work ethics. Be on time, avoid over promising but exceed expectations. Other artists can be very talented but they can also be stubborn and all over the place. We are thankful that we continuously work on our talents and maintain the ideal work-relation status. If our work speaks for itself, it’s just because we keep our clients happy. Most of them are very willing to pass us on to their business network.
Photo: Badahos – Shutterstock
How have you overcome challenges through the years?
LUCILLE: By never giving up on what we are truly passionate about and through sheer hard work. By continuously looking for channels to improve and innovate so we can offer our clients better choices.
JOVY: Daily prayers for wisdom to know the difference between what I can do and cannot do. The big challenge is understanding fast-changing customer behavior and offering the right product at the right price that gives you the highest yield possible. With limited resources, we just had to offer high- value or high-yield products to good paying customers that accept what we can deliver in terms of volume. As the saying goes, less is more.
LEA: Perseverance and faith. I believe that challenges create the person you are today. If one embraces them and takes a different perspective, it can bring out the best in you. Dubai is a somewhat transient city, with UAE residents and visitors coming and going on a regular basis. This is a challenge for us. Our client base is always changing and evolving, and this is why it’s so important for us to be constantly educating our existing client base, including potential customers. It is also important for us to be an industry trendsetter and to keep raising the bar. It is this attention to detail and bespoke offering that really continues to set us apart from the competition.
GUIL: Challenges are always part of the game. You just have to play through it and be persistent. Keep calm and always keep the faith
MARIA: We make sure we have plan for the next 6-12 months, as well as for the next 3 to 5-years which includes specific growth goals. I really focus on opportunity and leave the setbacks. I don’t worry much about things that could go wrong. In business, there are so many things that could go wrong and it’s easy to be distracted by them. Instead, I focus on what I am doing right, and the problems I have will get resolved.
CHRIS: Experience and efficiency always prevails. Also, we keep moving forward. Failures will be present and will always be considered lessons learned. Brush it off and move on. As the market gets more saturated and competitive, we do maintain our handful of clients that share the same vision and practices the same values. We keep our competition to ourselves. What we have done well today, we progressively do better tomorrow.
Filipino Entrepreneurs: Surviving and Thriving in the UAE
What’s the best thing that entrepreneurs can do when the market is down or when the going gets tough?
LUCILLE: Tighten your belt, focus on your core business and be vigilant of your competitors.
JOVY: Kill your ego and accept eventual market failure but do not give up. Go back to basics. Optimize use of current resources to generate revenue and minimize spending to bare essentials. Re-invent and re-position your enterprise.
LEA: Always keep looking for opportunities. They say that any business should have at least three legs to support it. It’s just finding the right combination of that would fit your organization and maximize it. It’s really about going out there and seeing what the market is looking for.
GUIL: Keep your ears open and understand your clients’ needs. Focus on the most important issues and analyze it. The market is probably waiting for the greatest idea that is just within your head. Don’t think out of the box… think of what you’ll do with the box.
MARIA: We have to keep reminding ourselves that a good business with a strong, reliable source of revenue can stay afloat even in the roughest of times. That’s why, while we have the chance, we need to test different income and revenue models, evaluate and simulate our business in different economic environments, and think of new methods to bring in more profits. When the economy is rough, because we’ve built a good foundation, we’ll be more optimistic and maintain the motivation that’s necessary to keep pushing forward.
CHRIS: We should allow ourselves to get bored. This only gives us the opportunity to study, meditate and explore. Procrastination can be a good thing if you’re figuring out how you can finish a task efficiently. It gets so tempting to be frustrated when accounts are on hold, but that that is why we have to be prepared on lean days. “For the meantime, try to learn something new or teach something you know that you want to get better at.”
How about when the market is on the up? How can entrepreneurs maximize benefits to their business?
LUCILLE: Offer additional products and services that will enhance your clients’ brand and improve their image.
JOVY: Maximize profits by positioning your products and services in the value chain within your business ecosystem. You have to make yourself an indispensable part of the value chain. Evaluate the risks and benefit of commercial agreements, without over-exposing your business to high financial obligations since creditors can be aggressive. Stability, liquidity and profitability have to be sustained.
LEA: Never be complacent. Even when the market is on the up and business is going well, there’s always room for improvement. We pride ourselves on attention to detail and offering bespoke and quality service for our customers, and this means a very rigorous training programme and constantly being aware of the market that you’re operating in, the changing demands of the customer and the competition.
GUIL: Take advantage of the opportunities and maximize your strengths. Keep innovating and create new ideas to keep you apart from the others. I love to fuse the old and the new and for me that’s a new design! Sustain what you are doing to keep the edge.
MARIA: When applications for our franchise is high, we focus on getting deals and lease offers from various malls that help us sell franchises or open outlets. I maximize my time reaching clients and customers who really need our system, products and services, and will pay for them. We improve our system further and sell at a good price for us to get good premiums.
CHRIS: Being double booked is a positive problem. The discipline of organizing is a virtue. This is when we need to be physically healthy and mentally sound, when traits of leadership and experience are required. We need to learn how to delegate, negotiate and deliver. Defining priorities by negotiating contracts and who gets more attention. And as much as possible, avoiding compromises when it comes to delivery.
What are the qualities and practices that can truly help entrepreneurs in managing their business?
LUCILLE: Working hard and being open-minded especially to new ideas and innovations in your industry. Your clients will appreciate them.
JOVY: Entrepreneurs should have spiritual guidance and wisdom to do the unthinkable; self-assessment of resources and self-realization of skill sets; clear shared vision and mission – you and your people should know where to go and how to get there; the drive to win and willingness to accept and learn from failure as steps to success; and an understanding of customer behavior and market demand. You should also build personal equity, character and reputation; excellent planning and negotiation skills, while learning project management skills, developing cultural intelligence (CQ) in addition to EQ and IQ, as well as people and leadership skills – talent management.
LEA: Generally speaking it’s about constant education, partnered with growth and knowledge. These days there are so many avenues to obtain information, such as the internet, courses, webinars, conventions and so much more. It has never been easier. Dubai and the UAE, in general, really foster innovation and entrepreneurship. It’s a wonderfully creative market and a fantastically supportive environment for start-ups.
GUIL: The most important thing is hard work and integrity. When we started this business, we created a culture of “consistency” in the quality of work we do. I believe if you meet your deadline, you have fair pricing, and you do great after sales services, then everyone will be happy.
MARIA: Learn to manage your time properly. I use 3 time management principles – Let it go, Keep it Simple and Move quickly. Have discipline, be consistent and have faith. I follow that inner voice inside my head telling me that everything is happening the way that it is supposed to. Faith tells me to keep going – that this will all work out, that the stress and sleepless nights will all pay off. Lastly, stay strong and be resilient. Entrepreneurship is not for the faint of heart
CHRIS: Managing your own business becomes lonely at some point. You’re mostly making your own decisions. Though, the best side of it is being in control and dancing your own show. We should look for mentors and role models to help set our goals and provide us advice when we’re faced in a difficult situation. Besides independence and control, entrepreneurs should also have initiative, dedication and the wanting to deliver quality not only just on the product but with service and client relations.
What’s the best piece of advice you can give to start-up entrepreneurs?
LUCILLE: Never give up on your passion.
JOVY: Kill your ego and be ready to be a one-man show – from driver, delivery boy, cashier, accountant, secretary, manager, etc. Be ready to be insulted, discriminated and forget about yourself because customers don’t really care about you. Customers care about satisfying themselves with your products and services. Discover your own talent and enterprise. Discern your God-given mission in life by connecting the dots of your life from childhood until today. Don’t be a copycat or be envious of your neighbors and friends. Social media is good for understanding trends and consumer behavior. Maintain a fixed income – keep your job during the transition to entrepreneurship. If your spouse is working, then you can take the plunge. Develop business related to current job, experience or passion and align with the current market demand.
LEA: Having a dream is where it all starts and where the passion will come from. Ensure that your vision of the business is detailed and specific. Knowing what you want and knowing how to attain it will help you a great deal. When you are faced with hurdles or roadblocks, it’s this that drives the determination to push through and achieve your goals.
GUIL: Never ever be afraid of something big. Be passionate about what you do. Look for what the market needs. Be strong on what you believe in and follow your intuition.
MARIA: Launching a startup is no cakewalk. Be bold but humble, and have a positive attitude. You’ve got to take risks. Don’t underestimate your own value, and the value of pure assertiveness and passion. Also, there is plenty of room for error and there are tons to learn. No person can do it all. What is great about building a business is that you build a team, too. It is like a family. It is not about you, it is about the idea and building something sustainable. You need to let go of the ego, and let the idea grow.
CHRIS: Adaptability is key when you want to pursue success both in life and in business.Win a person in less than 90 seconds, first impressions are important. You never know who might be your next big client. When the going gets tough, never sweat the small stuff.
Would you encourage other Filipinos to go into business? What do you think are the pre-requisites for people getting into business?
LUCILLE: Yes, definitely, but business is not for everybody. They must be passionate about their idea, willing to work hard for it even when it fails.
JOVY: Yes, but one has to understand the different roles and responsibility of stakeholders related to any business. Either you do it alone or share it with a corporate businessman, entrepreneur, investor, social entrepreneur who all think differently. Your best friends and relatives can abandon you or become your competitor while, your worst friends can be your best customer.
LEA: I would encourage anyone to set up a business, as long as they have researched the market properly, created a business plan and are confident it is feasible. Dubai is a great market to operate it and is continuing to expand at a rapid rate, so there is a lot of support available for start-up companies.
GUIL: Definitely! We Filipinos would like to assimilate even better in our adoptive countries. We need to step up from just being a professional who gets old and retires in the same position. We need to move out from that thought. Trust your instinct and think that you will succeed. Entrepreneurs always take the risks, and whoever takes the risk, gets the big return.
MARIA: They just have to decide on what type of business they want to enter, and how the business should be. It has to be something of interest to the person and something that has the potential for long term growth. If they are decided, just go for it. Although it can be scary to go on your own, especially, if you’re leaving a steady paycheck behind, the idea of working for someone else for the rest of your life is more frightening. If you believe in your idea and are willing to work hard, sooner or later things will fall into place.
CHRIS: Find your element. Discover that activity that leads you to flow. You will realize that you just enjoy what you’re doing. Just adding a bit of effort makes it more special. Once you find your niche everything else will fall into place. All of the sudden, the elements and requirements will align. You will notice that most of the problems and challenges have reasons behind them and eventually get solved on their own.
Starbucks was opened by three guys contributing $1,350 each. Today, its annual revenue is $14.9 Billion. Logistics company UPS started with $100 and a bicycle shared by two teenagers. Currently, the industry giant delivers packages each business day for 1.1 million shipping customers to 7.7 million consignees in over 220 countries around the globe.
The people behind these companies are unconventional entrepreneurs – they don’t just think out of the box, they invent new boxes. Utilizing creativity rather than money, they did not rely on old-fashioned business start-up requirements of fancy office space, huge capital investment, traditional marketing and a hierarchical organization in order to be successful. Instead, they started their business with less planning, more gut feel and quite obviously, without tons of money.
Just like them, you too can turn your passion into profits.
Forget that kilo-metric business plan that’s been taking you years to finish. The only two important things in your business plan are the need of your customers you are aiming to provide (the product or service you would like to offer) and how will you deliver that need to your clients while making a profit.
Once you have identified the business activity that suits you and the strategy to make your business viable, you are now ready to become your own boss.
Inventing new boxes means generating fresh approaches in conceptualizing your business. And it’s never been easier especially with the free zones in the UAE.
The UAE Commercial Companies Law requires a Permanent Establishment such as an LLC to have at least one UAE national partner (usually referred to as the local sponsor) who holds at least 51% of the company’s capital. In contrast, companies established in the free zones can be 100% foreign-owned. For a business start-up, having full control of the company’s operations and assets is vital. Free zones are special investment models allowing its owners to do business without the complications normally associated to a Permanent Establishment. A free zone is a portion of a clearly defined and isolated land or setting, with a special tax, customs and imports regime, usually involving a status of extra-territoriality.
The procedures and requirements for free zone company formation are a lot easier and simpler to comply with compared to setting up a Permanent Establishment. Through the “single-window” clearance approach, the bureaucratic process of filing separate applications with the Ministries of Economy, Immigration, Labor and the Chamber of Commerce is eliminated as you only deal with the free zone authorities. Free zones provide flexible employment visa allocations so you can employ staff as needed. In free zones, your new company is registered within days, not months.
There are free zones that do not require a physical office space, helping you keep overhead costs to a minimum. Many business start-up have failed by renting an expensive office rather than focusing on the business itself. For start-ups, an impressive office may not actually be a must since most deals are closed in golf courses or hotels anyway. Also, shared or virtual office services can be arranged for a fraction of the cost of a physical office. Savings can be better utilized better on marketing or product development.
A free zone company is entitled to provide UAE residence visas for its owners and employees. Generally, visa application rules are simpler in a free zone as no deposits are required. In addition, free zone visas are valid for 3 years compared to 2 years for LLC.
There are many ways to save when starting a business. Remember, far more important than financial investment is sweat equity or the efforts you will put in to make your business idea a profitable reality. Starting small is better than delaying your launch until you accumulate more funds. Just think of the “cha- chings: your cash register is losing each day you postpone your business venture.
The very basic requirement to start a business in the UAE is to secure a trade license. Under the UAE law, There are 5 available business structures you can choose from:
Permanent Establishment such as a Limited Liability Company (LLC) or Partnership;
Branch Office, if you have an existing company abroad;
Free Zone Entity;
Civil Company for practice of profession (only in Sharjah and Dubai); or
Commercial Agency (appointing a local agent to sell your goods and services).
The ongoing economic recession has caused a lot of turmoil in different countries: currency depreciation, price increases, unemployment and political unrest. Economists are bleak soothsayers, predicting that a prolonged recession will lead to an economic depression. But there are some people who have been able to make the most out of the current economic environment and have turned the recession into their own SUCESSion formula. Didi Paterno-Magpali reports from Dubai and Mary Ann Santos reports from Manila.
LAARNI EUGENIO: HONESTY IS THE BEST POLICY
Laarni Eugenio’s talent and experience working as a set decorator in one of the Philippine’s biggest TV networks, partnered with her husband Ariel’s keen eye for detail as a props designer, along with their consistent can-do attitude have helped establish themselves as one of the go-to wedding, events planning and design companies in the United Arab Emirates. Ariel’s Designs, which started out with just one warehouse seven years ago, now has expanded into three warehouses with a staff of 15 people of various nationalities– Indian, Nepali as well as Filipino.
It took them seventeen years of back-breaking work thousands of miles away from home: enhancing their skills, learning the ins and outs of running a business and gaining the trust and confidence of colleagues; seventeen years worth of savings and one window of opportunity before this husband and wife tandem broke free from the bonds of employment and went solo. And that window of opportunity was when their former employers decided to close down the company. Realizing that she knew how to run the day-to-day operations and could take the company to new heights, Laarni decided to take over the business from the management through a transfer of business license. It was Laarni, who took on the reins of the arranging the transfer of business license, legal documentation and other start-up requirements, while Ariel continued on as an employee in order to retain and continue their residence status in the UAE.
Starting business in the UAE isn’t easy for expats, as the law requires the support of an Emirati business partner on top of the many other business license requirements. But since the husband and wife team gained the trust of their former employer’s local sponsor, setting up shop was a breeze. Though the almost effortless beginnings didn’t mean that their entrepreneurial pursuit went on smoothly.
One of the many challenges of owning and running a business in the Middle East is the racial discrimination. Eugenio shares how Filipinos are often stereotyped “Racism has been here since the very beginning (of our business). And we’ve been here in Dubai since 1988. Hindi nagbago yun. May mga kliyente na lalapit sa iyo at hihingi ng proposal pero malalaman mo na lang na pupunta sa iba dahil lang (mas pinapabor silang lahi). Ganun talaga (dito). Tatanggapin mo na lang at mag move on. [Racism has never changed. There are clients who will approach you and ask for proposals, but, in the end, you would get to know that they’ve decided to work with other suppliers just because they were of a preferred nationality. It’s really like that. You just have to accept that racism is a fact of life in the Middle East and you move on.]”
But despite this Eugenio moved forward with her head held up high and it has paid off. Their company has gained the trust of clients, majority of them Arabs, through their natural talent, sheer determination to succeed, and more importantly, honesty.
“Naranasan ko na kahit nagawa mo ng maganda yung trabaho at natapos na yung kontrata, pagdating sa bayaran ng balanse, magrereklamo sila, kesho panget at sasabihin sa iyo na babaan ang presyo. Hihingi sila ng malaking discount. [I’ve experienced that even if I’ve done the work well and delivered everything in the contracts, clients will complain that you didn’t do a good job at all. Then ask for a huge discount.]” Though Eugenio had anticipated this, she never had the heart to pad proposals just to secure profits for the company. She is firm in her principles in doing business “I am honest in business. (Sa mga ganung sitwasyon) either kunin mo yung pera kahit lugi ka (o wala ka makukuha). Basta (importante sa akin) meron ka makuha kaysa wala. Prinsipiyo ko na lang kikitain ko yun sa susunod…Hindi naman ako pumasok sa business para kumita ng malaking pera. [In those situations, you either get the payment even if you lose a lot of money or you don’t get anything at all. It is more important that I earn something instead of nothing at all. I just believe that I will earn that in my next projects…I did not set up the business just to earn huge amounts of money.]”
Eugenio stresses how love for the work, rather than love for money, is more crucial for entrepreneurs to succeed “Di naman lahat ng gusto natin makukuha natin. May trials, may challenges talaga…Masestress ka, pero kung love mo ang job mo, you will take (everything) as a challenge, (whether) good or bad. [We won’t get to have everything that we want. There will always be trials and challenges…You will feel stressed, but if you love your job, you will take everything as a challenge.”]
MILO TORRES: BAYANIHAN SPIRIT IN THE DESERT
Unlike Laarni and Ariel Eugenio, who left employment by choice, Milo Torres had to face entrepreneurship in the UAE head-on because of circumstance. He was terminated by his former employer due to corporate restructuring and budget cutting. But thankfully, the company did not immediately terminate his residence visa, which would have meant losing his permit (along with his wife and son) to stay in the UAE. The companyactually renewed his residence visa, which was valid for three years, to allow him to find a job to replace the one he lost “It was a fresh renewal of (residence) visa as I had just finished 6 years of staying with them. It was actually a good gesture from my employer. I did not ask for it. I was a very good employee…it was just unfortunate that my services (were not required by the company anymore).”
Torres, though was a full time employee as a senior engineer / network administrator at that time; he started moonlighting as a website designer and photographer. This, little did he know, would be the saving grace of his sudden unemployment. He was an active volunteer in the Filipino community as a computer trainer. In fact, he was one of the founders of the Overseas Pinoy Professional Photographers society and he is the publisher of the currently inactive Overseas Filipino Workers’ portal, OFW Zone (http://ofwzone.com). Torres started to concentrate his efforts on his freelance projects while job hunting. It was then he realized how he could actually make it on his own, that he was earning more as a freelancer specializing in web design and photography than what prospective employers were offering him as a senior engineer.
After more than a year of freelancing, with the help of funds from his savings, Torres decided to register his business to make it official. Getting a business license would be a springboard to expand his business, an opportunity to work with medium to large companies, apart from his regular clientele. “And since I got my (business) permit from TECOM, I was able to (handle bigger) clients like Dubai Duty Free, Sharjah Duty Free, Patchi Chocolates, British Business Group. Maersk, Air France and Dubai Outdoor Media among others.”
“Networking and mingling with the community plays a very important role in any business as you are actually building good (relationships) with people. In fact, until now, I still receive referrals from my computer students from as far back as year 2000.” Torres proudly shares his key learning on entrepreneurship. It was then he truly felt the Filipino Bayanihan spirit, where he indeed experienced the full on support from the Filipino community “In the first five years of the business, most of (my clients) were Filipinos or were influenced by Filipinos. Now, it is a mix of nationalities.”
Torres thinks that being an entrepreneur is “one of the most thrilling and rewarding experiences” in his life. He is extremely proud to be his own boss: being hands on in all aspects of the business, managing his own time and using his skills and creativity to the fullest. Yet he still recognizes that going solo is not a bed of roses. “Going into business is not an easy task. You have to work extra time when the economy is low or when competition heats up. Pressure is always there, unlike being employed where (you) just have to work 8 hours a day without worrying about the business. There are lots of responsibilities and plenty of administrative details that are not fun. You can’t please everyone and have no guaranteed salary.”
Despite the many challenges, Torres remains positive and encourages his fellow kababayans not to be intimidated by going solo. “To start and run a successful business needs a lot of information, but the basics are simple: maintain a positive attitude, stay informed with the current market, stay focused and motivated, plan well, know your customers and keep monitoring all monetary transactions. If you can take that simple advice, you can be a successful entrepreneur.”
FROM THE PHILIPPINES
OWEN SANTOS, FREELANCE WRITER
Owen Santos was previously the Features Editor of Marie Claire Philippines, the local counterpart of the international magazine franchise. When the magazine ceased its three-year publication run due to a new direction adopted by the media company, Owen became a freelance writer. She didn’t scare off at the thought of going independent despite the trying times.
The key to overcoming economic difficulties, Santos explains, is to “develop your resourcefulness even more. With freelancing, you not only work on being creative but also on sourcing your own projects.” Although Santos is working independently, she advises it is best not to isolate yourself. “Put yourself out there, and keep in close contact with your network. You show people what you’re good at by expressing your ideas on how you can help them. You should not be greedy about your ideas and always expect a certain price on them,” Santos adds. To be highly successful in freelancing, “you should actively pursue projects confidently.”
To make the recession work for her, Santos adapted a different kind of attitude. “You do not focus on the negative when you write independently. You should also develop a different kind of discipline when you are freelancing since you come up with your own schedule as against the rigid 9–5 working hours in a company.” It was this discipline and work ethic that allowed Santos to work on a lot of income-generating projects and still have enough time with her mother who was recovering from an illness. “I wouldn’t have been able to do that if I was employed. It will be very stressful not only for my but for my mother as well.”
MARTINE COSIO DE LUNA, CHIEF BLOGGER/OWNER, DAINTYMOM.COM
Martine Cosio de Luna was previously a teacher in a progressive school for seven years, and an editorial assistant for a small publishing firm prior to that. When she had her son whom she wanted to breastfeed exclusively, de Luna decided start a blog about her experiences as a new mother. Her blog, Dainty Mom, began in March 2010, upon her return to the work force. “It started off as a free website on Blogspot (the free platform of Blogger.com). It all began as a diary wherein I expressed my thoughts as a new mom,” she recounts.
As she got into blogging more regularly, de Luna began to take writing jobs on the side, while maintaining her teaching position. She started off by working with different Internet marketing and copywriting projects that she acquired from Craiglist.com, a directory site. De Luna eventually got repeat clients from both Australia and the U.S. that guaranteed a steady income, enough to cover for the income she gave up as a full-time teacher. In June 2010, she resigned from her job at the school and went into full-time freelance work.
In 2011, de Luna bought her own domain, daintymom.com, and established it as a brand that is an inspired lifestyle for work-at-home moms (WAHM). The blog serves a dual purpose: (1) To promote values and information on how to be a practical WAHM and (2) to act as a launching pad for her freelance services of blogging and copywriting. Currently, de Luna is also extending her blog to other platforms offline. She is organizing an event called It’s a WAHMderful Life: A Work-At-Home Moms 101, a one-day workshop for is for moms who want to find their bliss working from home while making a home. (The debut workshop is this October 2012.)
How did de Luna successfully overcome the global challenges brought about by the economic recession? First, she became part of two global phenomena: Outsourcing and WAHM-ing. “Outsourcing is very much in-demand these days. The Internet has crossed boundaries, enabling clients to search for service providers worldwide,” she says. “WAHMs are also increasing in number as more women are leveraging the Internet to suit their lifestyle. They are also able to save from the reduced transportation cost and corporate attire expenses which can be allocated to more important expenses.” Through a career style that is flexible and based on her strengths, she is able to craft a work lifestyle that marries well into the family lifestyle she and her husband have agreed on. “By working from home doing freelance work, I am now able to spend more time with my son, even home schooling him.”
Secondly, (and in line with this philosophy of location-independent work), de Luna has professionalized the services that she offers as a WAHM. With the many service providers readily available, de Luna advises potential WAHMs to “start brand building and offering your services through online platforms, such as your own website,” in order to differentiate themselves. “If you want to be a freelancer, you have to invest in marketing yourself as the right person for the job. Through your blog, for instance, you can market yourself, create a following, and get potential clients to like and trust you. In gaining their trust, you can establish an ideal work-related relationship with them.” She also advises finding clients who are able to pay for services on a retainer basis, which helps bring in a steady stream of income.
JAYCE PERLAS, OWNER, PERLAS PUBLIC RELATIONS
Jayce Perlas was previously employed in a large network company before venturing in a partnership in Public Relations and eventually starting his own private independent consulting firm. “I was looking for new challenges in Public Relations and Corporate Communications,” says Perlas explaining to why he shifted from an employee to an independent consultant. “As an employee, you are just focused on your craft. As an independent consultant, you are challenged to extend your focus to Human Resources, Administrative work and Business Development.”
Perlas’ business formula actually works to his best advantage. “The economic recession is working to our advantage. With independent firms operating on the same media with huge multinational PR companies, providing the same and sometimes more superior services, we are certainly at an advantage. We do not incur extremely high overhead costs just to support an international franchise. We provide more personalized services to our clients. With global clients cutting down on corporate communications, a lesser priced but more efficient PR partner is a no-brainer.”
Perlas further adds, “A lot of companies are looking for alternatives to decrease spending on advertising but still communicate themselves.” He therefore takes on a role of enlightening clients on how Public Relations is a cost-effective communication tool versus using mainstream advertising. “We earn the trust of clients and establish a good working relationship with them. This is how we measure the success of a communications project.”
Freddie dela Torre is just your average humble OF based in Dubai. As a struggling Service Engineer, he always felt under-compensated and discriminated against, despite his capacity and hardwork. That is, until he became a Pinoy Entrepreneur with a flourishing restaurant in Roxas, Palawan.
FREDDIE DELA TORRE
Non La Aromasit Restaurant
Roxas, Palawan
Please describe your business.
Non La Aromasit Restaurant, is situated at the very heart of Roxas, Palawan along the national highway. It welcomes guests into a contemporary Southeast Asian-style dining setting. The location is ideal for travelers and tourists from Puerto Princesa City en route to the world class tourist destinations of El Nido, Taytay, San Vicente and vice versa.
It has an indoor and outdoor dining facilities suited for different types of requirements. The finishing touch of the venue is crafted using locally available materials such as native wood, bamboo and rattan gently illuminated by simple yet elegant lighting. We have the deluxe Silica Hall, an air-conditioned hall, with a vibrant ambiance ideal for private dining and small business functions. There is a Main Hall which features an elegant dining set-up with locally crafted furnishings, as well as the balcon and the sleek gazebos encircling the garden overlooking the picturesque church and the carefully manicured garden for those who prefer to eat al fresco.
We offer wide array of authentic Vietnamese and classic Filipino cuisines. Vegetarian dishes, tropical drinks and shakes are also available. Everyone can experience fine dining at very reasonable price, all served with tender love and care.
Why did you establish your own business? Can you tell us when and how you started?
Being an OF for more than 10 years, I used to hate working so hard and not getting properly compensated. I have also experienced discrimination, and was not given the opportunity to show my capacity, even if I was more qualified for a certain position just because we belong to a third world country. I remember lots of sleepless nights thinking about my work, breaking my head on possible solutions to the problems arising every day.
So one time I asked myself, why don’t I start something to call my own? With my dedication to work as an OF, I thought, If I start my own, there is no reason why I should not succeed and prosper. That motivated me to open Non La Aromasit Restaurant in May 2008 with my sister and brother-in-law, who helped me with their expertise in the operations and management of a restaurant business. They where both working in the first Vietnamese restaurant in the Philippines in Puerto Princesa City, where they have been for more than 10 years but still their earning is only enough for daily household expenses and monthly bills payment.
So in 2007, my sister and brother-in-law resigned from their jobs and we finalized plans to open the business. With my modest savings we started procurement, construction, renovation and beautification of the area.
On May 13, 2008 our business officially opened. Unfortunately, five days before opening my company in Dubai asked me to return immediately to UAE for an emergency and I was not able to attend.
What was your start-up capital, and your basic operation set-up?
We started with a capital of PHP1M, including all expenses (procurement, construction, renovation, permits, kitchen equipments, kitchen wares and operating expenses). We were able to stretch our funds because the cost of labor in our town and the locally available materials was far cheaper compare to the big cities or in metro manila.
We are operating in a partnership system; I am in charge of the financial and technical aspect, my sister and brother-in-law take care of operations and management. Aside from them, we have six regular crew members working as kitchen helpers and waitresses.
What obstacles did you encounter?
I don’t remember any major obstacles in our business, there are some minor issues like government permits, but all this has been acquired prior to operation. Another thing, people in our town were not used to the concept of an a la carte restaurant – they are more familiar with seeing ready-to-eat food like in ordinary carinderias. So we had a lot of explaining to do in the beginning and made strategies to make our customers’ waiting time more comfortable. One of the things we have done is to put one table with lot of valuable reading materials – one of those is a complete one year edition of Illustrado Magazine – and we saw it work!
Where are you now? How far have you gone, what are the landmarks in your business so far?
Our business is still in its early stage, but we have already seen promising results, and great potential growth in the near future. We have also increased our staff due to greater demand. I am also proud to say that since we started operations, I never had to rescue the business financially as it was able to generate its own income to pay the salaries, as well as the lease for the land we occupied business. At this stage, we still have some minor things we need to fine tune, before we eventually expand. For me, an ideal restaurant is not only about the food, it must have good ambiance and a truly relaxing atmosphere as well.
What are the advantages and disadvantages of being entrepreneur?
As an entrepreneur, you can help a lot of people by providing jobs, especially in rural areas where there is only little opportunity. Secondly, you can do everything that you think will help grow your business and devote your full time as much as you like, without thinking that you are not properly compensated. Finally, it’s also good to be known and acknowledged in society. The only bad thing is that you have very little time for yourself and your family.
Would you encourage other Pinoys to go into business? What is your advice to budding Pinoy entrepreneurs?
Yes, I would encourage all the Pinoys especially OFs, to try to study the possibility of starting your own business in the Philippines. It is a good move to start while you are still working abroad so if there are any financial obstacles, you will not be affected directly because you will still have other sources of income and anytime you can rescue your business. That’s why I am still here working and waiting for another couple of years observing the situation. If I see that my business can already stand by itself after that period, then maybe it’s time for me to wave the UAE goodbye.
For budding Pinoy entrepreneurs, don’t be discouraged if sometimes you feel your business has become stagnant, don’t lose hope. Treat is a challenge for you to discover new possibilities to achieve growth. Business is a continued learning process and you should become more determined.
If more and more OFs became entrepreneurs in our country, the Philippines will be well off in no time. Let’s start right now my kababayans!
Text By Lalaine Chu-Benitez, Photo by Alan Desiderio
“Everytime I would cook food, I would always remember you when you were in Saudi Arabia.” Tears welled in Illustrado Women of Substance 2009 Honoree Isabelita Sabado Warren’s eyes as she recalled her mother’s words when the latter was still alive – referring to the period when Isabelita, just like so many thousands of Filipinos, bravely lived the life of an Overseas Filipino (OF) longing for home and her family, as she worked to make a future for herself in the kingdom.
Doting mother and entrepreneur Isabelita, the seventh of eight siblings, grew up sharing a special bond with her mother, Nanay Tuneng, in a cheerful home where life seemed to center around their abundant dinner table. With her father Eugenio, a farmer of humble beginnings who had the knack for saving and acquiring land, the Sabado family of Magdalena, Laguna owned farmlands, fruit and vegetable plantations, as well as a poultry farm making them self-sufficient without needing to buy food from anywhere else. “We always had fresh food from our own farms, and my mother loved cooking. I remember that our table would always be full of wonderful dishes all the time. We were very lucky.”
Growing up in a typical matriarchal Filipino household, Isabelita recounted, “My father was the brains of the family. But my mother definitely was the strength and the heart.” From her father, she seemed to have acquired an entrepreneurial inclination from a young age. “I used to run movies in the neighborhood, with our family having the first TV in our community. I also sold ‘ice candy’ to the movie goers,” she chuckles at the memory. “From my mother, I must have learned generosity. She always ended up giving away food, which she intended to sell in our little carinderia, to our neighbors. Looking back, I see a lot of my mother within me.”
But the charmed life in the idyllic barrio had to take the backseat as Isabelita sought her own future away from home. “I became a pediatric nurse and at the time that I decided I would go to Saudi in the mid-80’s – it was so difficult. I remember the morning when I was about to leave and my father spoke to me. He was crying but he supported my decision. I just had to be brave and follow my destiny – even if that destiny was away from home.”
Isabelita landed in Saudi Arabia as part of the pioneering team which established operations for the Saudi American Hospital. With her skills and innate good nature giving her a good headstart, she was readily recognized by the management for the quality of her work and at only two years, was appointed the post of Chief Nurse.
Her life then in Saudi was just like any other OF’s. She recounts making USD500 every month and took pride in being frugal and managing to send most of her earnings to her family. “It was quite lonely back then. But every time I would hear from home, my mother would always tell me about whatever food she was preparing. Somehow, my family always thought about me whenever they would sit down to eat.”
Though, Isabelita wouldn’t be lonely for long. She met Glen Warren, a gentle American who worked in the construction business. They eventually got married in 1989 and ended up raising their kids in the kingdom. Despite that fact that the two of them started at the bottom of the ladder at the beginning of their careers, just like anybody else, hardwork and being financially smart led them to a very good future. “Glen is very bright and really helped in growing his company. I also worked very hard and little by little we were able put money away in savings.” Not for long, the couple’s diligence paid off and they had the opportunity to put some money in a property in the US and eventually in some other investments.
The couple with their four kids in tow, moved to Florida in 1995, only to return to the Middle East, once again, in lieu of Glen’s new assignment in Dubai in 1999. Isabelita who also worked as a nurse midwife in Florida, had to put the family’s needs as her sole focus then – the constant travelling which was part of their life made it difficult for her to continue nursing.
As the kids grew older, Isabelita’s calling for entrepreneurship surfaced and she decided to set-up her own business venture in 2004 – Tritrade International, a trading company at the Ajman freezone. With virtually no commercial experience but armed with good business instincts and an even better ‘can do’ attitude, the former nurse and homemaker bravely entered the Filipino food import and distribution sector and competed with established traders in the emirates. Isabelita virtually ran a one-woman-show in the beginning, helped by her young kids. “I did everything with the help of the kids – we ran the office, took care of the goods and I even went to each supermarket myself trying to make deals with the retailers.” In a field dominated by strong players, survival was the order of the day. “Our competitors were just waiting for us to fail. Fortunately, I am a very good saleswoman,” she says, her eyes twinkling. And one is bound to believe that judging from how far Tritrade has gone. From a monthly import of one twenty-foot container during their starting year, Tritrade now brings in up to six forty-foot containers every month and supplies popular Filipino brands – like Oishi prawn crackers, Barrio Fiesta condiments, Marifood bihon, Leslie Clover Chips among many other Pinoy food products to over 120 supermarkets in the country, growing in profitability right after their first year of operations.
But her best commercial project is yet to come. Disappointed by the open market system where distributors are not protected, Isabelita decided to develop her own brand – a move that has put her in a unique position where locally-grown Filipino brands are very rare. She went about developing a line of sauces, condiments, crackers and snack items in 2005, adding her own personal touch to the recipes while ensuring that the formulations are very ‘health conscious.’ In 2006, she launched her food range branded ‘Nanay Tuneng’ – commemorating her mother who fostered much love in the family through good food. “My nanay always made our family happy with food. Food was her way of showing us love. And when you’re here, food is one way to surpass the loneliness. When you eat something that reminds you of home, you somehow feel comforted.”
Even more than her food brand, Nanay Tuneng’s influence on Isabelita’s life has seen an extension in her works – in the charitable activities she has initiated in her hometown. For her birthday every November, she holds a month-long feeding program for close to 3,000 children in the 29 baranggays of Magdalena – aided by 10 volunteers who cook and deliver food to schools, and by some of her generous suppliers who donate raw materials. She also opened a vocational school in her father’s name, in collaboration with the TESDA in 2009 to provide free practical courses on electronics, plumbing, cosmetology, etc., to out-of-school youth to help alleviate the hopelessness she has sensed in the young people of her hometown. “This is my way of adopting my community and encouraging other people to make an effort to help. I also want people to realize that you can be what you want to be no matter who you are in your life.” Unsurprisingly, as with other philanthropists in the country, she was asked by her community to run as Mayor. An invitation Isabelita declined. She remarks, “My father taught us that you don’t need to be a politician to help. Anybody can help in their own way and we shouldn’t be helping because we have vested interest.”
Despite a full home life in Dubai with her husband and kids, a busy work schedule and constant travels, Isabelita also finds the time to support local community projects and is a key member of FILEX (Filipino Expats Foundation in the UAE). “I feel so lucky. This is my way of paying forward the bountiful blessings I have received.”
Somehow, looking at her life filled by good memories, familial affection and generosity, one can’t help but think that food and mother’s love really go a long way.
Prospective investors may be overwhelmed at first as the list found on websites about how to put up a business in the Philippines runs long. In fact, in a survey conducted by the World Bank, the Philippine government has an 11-step procedure to putting up a business operation whereas in other Asian countries businesses have to comply with only two major steps. However, the government is trying to shift gears by simplifying the procedure in order to lure in more people to put up their own business in the country.
The first step among the basic requirement is to register a business name. A Sole Proprietorship or a business structure owned by an individual only needs to apply for a Business Name and be registered with the Department of Trade and Industry- National Capital Region (DTI-NCR). In the provinces, application may be filed with the extension offices of the DTI. For partnership or those businesses owned by two or more partners a business name should also be registered with the DTI. However, a partnership with more than PHP3,000 capital must register with Securities and Exchange Commission (SEC). Corporations on the other hand are required to register at the SEC.
Application fee for business name registration is pegged at PHP315 for single proprietorship and PHP515 for partnerships and corporations. Business name registration fee and filing fee are charged PHP300 and PHP500, respectively.
After these general registration requirements have been met, securing permits and utility connections are next in line. Tax Identification Number (TIN) should be obtained at the Bureau of Internal Revenue (BIR). Upon securing your TIN, you may proceed with obtaining a business permit to operate from the City Hall/Municipal Offices in the localities where the business will be set up. For businesses located in Metro Manila, locational clearances/business permits are necessary and should be obtained from the Metro Manila Development Authority (MMDA). Note that securing permits in cities and municipalities is considered as the hardest part in the business application process. Once the permit to operate has been secured, a business employer must get a number from the Social Security System (SSS) office.
To cap the list, apply for water services from the Maynilad Water Company or Manila Water Company for firms located in Metro Manila and Local Water Utilities Administration (LWUA) for firms located outside Metro Manila. Also apply for electric and telephone services connection and you are ready to get the ball rolling. Meralco provides electricity connection for the most part of the country. The Philippine Long Distance Telephone Co. (PLDT), Bayantel, Digitel, Smart and Globelines are some of the well-known companies providing telephone connection services.
Once these requirements have been met, business owners just have to comply with reportorial requirements, pay tax dues regularly and renew expired contracts and permits to keep the business.
While the steps in setting up a business in the Philippines are not easy as ABC, the Philippine government is putting conscious effort to provide leeways and and short-cut the procedures to encourage investments. It has recently allowed post registration requirements wherein businesses may start operation as soon as it has secured the permit to operate but with the commitment to accomplish other requirements in the next two months in order to continue doing business. While the government has become lenient in allowing this type of set-up, it monitors strict compliance of the post registration requirements. Failure of any business to comply with the other requirements would also mean forfeiture of the permit to operate and therefore the business must be closed down. This type of set up is available in some of the key cities in the Philippines including Quezon City, Manila and Makati.
The government has also identified Economic Zones or ecozones which are being developed as independent community with minimum government interference. It administers its own economic, financial, industrial, and tourism development without help from the national government. Ecozones provide adequate facilities to establish linkages with surrounding communities and other entities within the community. As an incentive, companies in the Special Economic Zones are subject to only 5% overall tax rates.
According to DTI, businesses involved in trading such as retail stores are the easiest to get the process done. However, those which involve the use of hazardous chemicals are the hardest to put up, as these type of businesses would require special permits from various agencies such as the Department of Health (DOH) and Department of Environment and Natural Resources (DENR).
For businesses involved in export will need clearances and permits prior to every shipment. While this may seem arduous especially for those with frequent shipments, the government encourages this type of business venture since the Philippines is the most strategic location for firms that want access to the large ASEAN market and its vast trade opportunities. The Philippines has enhanced and primed up various areas for investors and offers a dynamic consumer market accustomed to an array of product choices created by a competitive domestic economy.
But more than the setting up profitable businesses, doing business in the Philippines will further contribute to economic development. The Philippine government is providing an environment conducive to entrepreneurship and micro, small and medium enterprises (SMEs) in the country. In fact, the SME sector has been the backbone of the local economy and served as an important ingredient in the economic and export success of such economies as Japan, Hong Kong and Taiwan. In the Philippines, SME comprises about 99.6% of all registered firms nationwide, employs 69.9% of the labor force, and contributes 32% to the economy.
So the next time you contemplate on setting up a business in the Philippines, consider that on top of generating profits, your decision could help improve the economy, generate more jobs for the unemployed and ultimately help in alleviating poverty.
