Entrepreneurship in the Philippines
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Questions and Answers

Which of the following is NOT considered a major benefit of economic liberalization in the Philippines?

  • Boosting local entrepreneurship
  • Significant reduction in the national debt (correct)
  • Growth of domestic markets
  • Increased employment opportunities

    • According to the provided content, which of these Filipino values might pose a challenge to entrepreneurial success?

  • Hiya
  • The value of time
  • Bahala na values (correct)
  • Fiesta and Social Occasions

    • Which of the following is considered a 'Small' enterprise following the classification outlined in RA 6977?

  • A business with Capital of P10,000,000 (correct)
  • A business with Capital of P70,000,000
  • A business with Capital of P25,000,000
  • A business with Capital of P500,000

    • Based on the information provided, which of these is NOT a key perspective of policymakers regarding SMEs in the Philippines?

    <p>SMEs are a key driver of innovation and technological advancement (C)</p> Signup and view all the answers

    According to the content, what are the major difficulties encountered by SMEs in the Philippines?

    <p>Challenges related to the macroeconomic environment. (C)</p> Signup and view all the answers

    What is a major characteristic of successful entrepreneurs mentioned?

    <p>They can lead local businesses and expand abroad. (B)</p> Signup and view all the answers

    Which sectors are most entrepreneurs in the Philippines involved in?

    <p>Food processing, property development, and trade. (D)</p> Signup and view all the answers

    What is one reason for the uneven supply of entrepreneurs?

    <p>Variable availability of resources in different regions. (A)</p> Signup and view all the answers

    What role do government programs play in entrepreneurship?

    <p>They support and promote entrepreneurial initiatives. (A)</p> Signup and view all the answers

    What aspect of entrepreneurship is emphasized in its cultural context?

    <p>The localized successes and challenges of entrepreneurs. (C)</p> Signup and view all the answers

    Which of the following best describes the entrepreneurial mindset?

    <p>An openness to innovation and new opportunities. (B)</p> Signup and view all the answers

    Why is entrepreneurship important to the Philippine economy?

    <p>It contributes to job creation and economic growth. (B)</p> Signup and view all the answers

    What was a notable economic activity during the Precolonial Era in the Philippines?

    <p>Trading with the Arabs and Chinese (C)</p> Signup and view all the answers

    Which of the following was NOT a key aspect of the Colonial Era?

    <p>Barter system (B)</p> Signup and view all the answers

    In the 19th Century, which economic factor contributed to the growth of agriculture in the Philippines?

    <p>Concentration of landholdings (A)</p> Signup and view all the answers

    Who were some prominent entrepreneurs in the 19th century responding to economic opportunities?

    <p>The Roxases and the Barrettos (C)</p> Signup and view all the answers

    What economic system characterized the activities during the Colonial Era?

    <p>Monopolies and taxation policies (A)</p> Signup and view all the answers

    Which primary commodities became specialized and adapted for export during the 20th Century?

    <p>Metals and minerals (B)</p> Signup and view all the answers

    What was the role of the China-Acapulco Galleon Trade in the 18th Century?

    <p>Served as a major trade route linking Asia and the Americas (C)</p> Signup and view all the answers

    What economic strategy was employed during the Mid-19th Century to enhance exports from the Philippines?

    <p>Tariff and tax-free export of key commodities (D)</p> Signup and view all the answers

    What factor shaped the nature of trade and commerce during the Colonial period?

    <p>Government monopolies and trade restrictions (C)</p> Signup and view all the answers

    What was a significant effect of the advances in transportation and communications during the colonial era?

    <p>Rise of modern industrial enterprise (C)</p> Signup and view all the answers

    Which policy was established to promote Filipino industry during the post-colonial period?

    <p>Filipino First Policy (A)</p> Signup and view all the answers

    What has been a characteristic of the economic structure since the 1950s?

    <p>Induced development of manufacturing industries (C)</p> Signup and view all the answers

    What impact did the emergence of a Filipino manufacturing elite have on the economy?

    <p>It stimulated the banking and financial industry. (A)</p> Signup and view all the answers

    Why was there a surplus of technical and managerial skills in the post-colonial period?

    <p>Increased enrollment in Philippine colleges and universities (B)</p> Signup and view all the answers

    Which Act aimed to regulate trade post-independence?

    <p>Philippine Free Trade Act (B)</p> Signup and view all the answers

    What historical pattern indicated the long-term economic performance of the Philippines?

    <p>Changes in production and trade dynamics (A)</p> Signup and view all the answers

    Which of the following best describes the focus of manufacturing industries encouraged by the government?

    <p>Consumer goods (C)</p> Signup and view all the answers

    What were the conditions that influenced the rise of modern industrial enterprise in the Philippines?

    <p>Government intervention and support (B)</p> Signup and view all the answers

    Which of the following actions contributed to the economic changes during the independence period?

    <p>Advancements in technology and production methods (B)</p> Signup and view all the answers

    What was a significant impact of the transformation of the Philippines into a service economy?

    <p>Limitations on employment and GDP expansion (D)</p> Signup and view all the answers

    What was a key feature of Filipino-foreign joint ventures during the martial law period?

    <p>Promotion of non-traditional export commodities (B)</p> Signup and view all the answers

    How did infrastructure projects during the authoritarian period affect businesses?

    <p>Attracted many conglomerates to expand (D)</p> Signup and view all the answers

    What result did the outmigration of Filipino workers have during the economic restructuring?

    <p>Increased foreign remittances (C)</p> Signup and view all the answers

    What did the development of markets associated with foreign capital facilitate?

    <p>Opportunities for entrepreneurship and diversification (A)</p> Signup and view all the answers

    What characterized the economic environment during the authoritarian period regarding cronyism?

    <p>Favoritism towards select businesses (D)</p> Signup and view all the answers

    Which agreement’s expiration led to the promotion of non-traditional exports?

    <p>The Laurel–Langley Agreement (C)</p> Signup and view all the answers

    What factor contributed significantly to creating opportunities for entrepreneurship during the authoritarian period?

    <p>Progress in infrastructure and communication (C)</p> Signup and view all the answers

    What was a challenge faced by the Philippine economy since the 1950s?

    <p>Limited expansion potentials for employment (C)</p> Signup and view all the answers

    What was a consequence of the flourishing of Filipino workers abroad?

    <p>Enhanced globalization of economic practices (D)</p> Signup and view all the answers

    Flashcards

    Economic Liberalization

    Policies that enhance foreign investments and trade, boosting local markets.

    Filipino Values

    Cultural traits influencing behavior like crab mentality and mañana habit.

    RA 6977

    Magna Carta for Small Enterprises defining various business sizes.

    SME Importance

    Small and Medium Enterprises are vital for economic and social objectives.

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    Challenges for SMEs

    SMEs face macroeconomic difficulties impacting growth and sustainability.

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    Liberal Economic Policy

    An economic approach emphasizing free markets and minimal government intervention.

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    Philippine Autonomy Act

    Also known as the Jones Law, it granted limited self-governance to the Philippines.

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    Tydings-McDuffie Act

    A law that established the process for Philippine independence in 1946.

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    Free Trade Act

    Legislation aimed at promoting trade by reducing tariffs and barriers.

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    Filipino First Policy

    An economic strategy prioritizing Filipino businesses and workers.

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    Manufacturing Elite

    A group of successful Filipino manufacturers emerging in the 1950s.

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    Banking and Financial Industry Growth

    Expansion of banking services due to the rise in Filipino manufacturing.

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    Technical and Managerial Skills

    Skills needed for efficient operation in industries; often supplied by universities.

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    Consumer Goods Manufacturing

    Production of items for consumers that the government encouraged post-independence.

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    Economic Performance Indicators

    Trends in production, trade, and employment reflecting an economy's health.

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    Service Economy

    An economy focused on services rather than goods production.

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    Manufacturing Stagnation

    A period where the manufacturing sector shows little to no growth.

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    GDP Expansion Limitations

    Factors that hinder growth in a country's Gross Domestic Product.

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    Filipino-Foreign Joint Ventures

    Partnerships between local and foreign businesses in the Philippines.

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    Non-Traditional Exports

    Exports that are not common or usual for a country, promoting diversification.

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    Laurel–Langley Agreement

    An agreement that influenced trade and export conditions in the Philippines.

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    Infrastructure Development

    Improvements in physical structures that support economic activities.

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    Outmigration of Workers

    The trend of workers leaving the country for employment elsewhere.

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    Entrepreneurial Opportunities

    Potential to start new businesses or ventures, often spurred by market gaps.

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    Cronyism

    The practice of favoring friends or associates in business or economic activities.

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    Entrepreneurial Ventures

    Various types of business initiatives started by entrepreneurs.

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    Philippine Economy Impact

    The contributions of entrepreneurship to the growth and development of the economy in the Philippines.

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    Government Entrepreneurship Programs

    Initiatives and resources offered by the government to support startups and entrepreneurs.

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    Qualities of Entrepreneurs

    Key characteristics that successful entrepreneurs possess, such as leadership and innovation.

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    Cultural Aspects of Entrepreneurship

    How cultural values and social elements influence entrepreneurial activities.

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    Uneven Supply of Entrepreneurs

    The variation in the number of entrepreneurs in different areas and times.

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    Startup Trends in the Philippines

    Current movements and popular business ideas emerging in the Philippine market.

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    Free Trade

    Trade between countries without tariffs or other restrictions.

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    Protectionism

    Economic policy of shielding domestic industries from foreign competition.

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    Manila-Acapulco Galleon Trade

    A major trade route linking Manila and Acapulco during Spanish colonization.

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    Tobacco Monopoly

    A government control over tobacco production and sales during the colonial period.

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    Tariff and Tax-Free Exports

    Exports exempt from taxes to encourage overseas sales.

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    Local Crafts and Commerce

    The growth of local businesses and handmade goods in provinces.

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    Primary Commodities Production

    Focus on producing raw materials, especially for export.

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    Study Notes

    Entrepreneurship in the Philippines

    • The objectives of the discussion included explaining entrepreneurial ventures and trends in the Philippines, recognizing the impact and value of entrepreneurship to the Philippine economy, and analyzing government programs related to entrepreneurship.

    Qualities of Entrepreneur and Cultural Aspects of Entrepreneurship

    • Filipino entrepreneurs have led the local business scene, often succeeding abroad.
    • Their ventures are predominantly in food processing, property development, and trade, including shopping malls.

    Entrepreneurship as a Product of Resources, Opportunities, and Constraints

    • The availability of entrepreneurs is uneven across time and locations.
    • Entrepreneurship hinges on internal and external motivational factors within a business.

    Historical Periods of Economic and Entrepreneurial Development

    • Precolonial Era: Barter system existed, involving trade with the Arabs and Chinese. Crafts and trade flourished through local traders.
    • Spanish Colonization (18th Century): Galleon trade connected Manila and Acapulco. Tobacco monopoly was prominent, and economic activity centered around crops and commerce.
    • Spanish Colonization (19th Century): Land holdings became concentrated in the hands of a few, alongside agriculture thriving in various provinces.
    • American Colonization (Mid-19th Century): Free trade with tax-free export fostered entrepreneurial ventures, with prominent players like the Roxases and Barretto families.
    • American Colonization (20th Century): Metal and mineral production became specialized and exported to the American market. This period involved a liberalization of the economy. The Philippines Autonomy Act (Jones Law) and creation of PNB are key events. The Tydings-McDuffie Act contributed to transportation and communication advances.
    • Post-Colonial Period: The Bell Trade Act and the Filipino First Policy significantly impacted the landscape. The rise of Filipino manufacturing elites in the 1950s fostered banking and finance. Universities produced a substantial supply of managerial skills within the industry.
    • Post-Marcos Period: Economic liberalization fostered foreign investment and domestic market growth, stimulating employment and entrepreneurship. Large conglomerates benefited from this period.
    • Martial Law Period (Authoritarian Period): Filipino-foreign joint ventures increased, and infrastructure projects spurred expansion. Increased out-migration of Filipino workers was also a feature of the period.

    Strength of the Philippine Entrepreneurial Ecosystem

    • Over half the world has a better entrepreneurship ecosystem than the Philippines. Ranking in 2018 was 84th out of 137 countries globally.

    Effectiveness of the Philippine Entrepreneurship Ecosystem

    • The Philippine ecosystem experiences a low firm birth rate.
      • For every 1 million working-age people in 2016, 2,300 new firms were born in Malaysia, 1,000 in Indonesia, and 300 in the Philippines.

    Inclusiveness of the Philippine Entrepreneurial Ecosystem

    • Sub-national ecosystems are associated with higher levels of productivity. Variations exist across regions in terms of service value-added per worker.

    Assessing the Ecosystem

    • The World Bank's entrepreneurship diagnostic toolkit evaluates policies, markets, culture, supports, finance, and human capital to assess the effectiveness of the ecosystem.
    • Philippine regulations present a less bureaucratic environment compared to some neighboring countries (2017 data).

    Support Mechanisms

    • Support mechanisms for startups, like initiatives and programs, have expanded. Various governmental initiatives and programs to foster entrepreneurship and support have increased over time, and the need exists to coordinate these.

    Financial Aspects of the Philippine Entrepreneurship Ecosystem

    • Access to finance is not a significant constraint, but few businesses use bank loans.
    • In 2017, Philippine tech startups attracted a small share of regional investment, with 100 deals totaling $18M, compared to 310 deals totaling $3B.

    Human Capital

    • Filipino firms provide significant employee training, however, less time and money are spent on software training, comparative to countries in the region.

    Cultural Aspects

    • Filipino entrepreneurial traits exhibit above-world averages when considering perceived opportunities, capabilities, and entrepreneurial spirit. The values, like a preference for imported goods and often optimistic outlook, influence Filipino business culture. Internet usage is high, but online purchases are lower than neighbors.

    Filipino Values & Culture

    • Love for imported goods, bahala na values, mañana attitude, perceived value of time, and a sense of hiya influence business culture.

    Small and Medium Enterprises (SMEs) in the Philippines

    • SMEs are categorized based on size (micro, cottage, small, medium, large) using a size classification reflecting revenue.
    • Policymakers consider SMEs critical to achieving both economic and social goals.
    • International organizations offer support and access to funding for SME development.
    • Various perspectives exist on the challenges facing SMEs in the Philippines, including economic conditions, resource constraints and broader macro-economic factors.

    SMEs and Entrepreneurs

    • Entrepreneurs' personal attitudes/values significantly influence SME success.
    • Entrepreneurs face various difficulties, and micro-economic level analysis alone may not fully analyze the difficulties.

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    Week 4 Entrepreneurship in the Philippines PDF

    Description

    Explore the vibrant landscape of entrepreneurship in the Philippines, including key trends, the impact on the economy, and government programs that support local ventures. Understand the qualities that define Filipino entrepreneurs and the historical context of their development. This quiz covers crucial aspects of entrepreneurial success in the nation.

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