Entrepreneurship In The Philippine Setting PDF

ENTREPRENEURSHIP IN THE PHILIPPINE SETTING LESSON #02 Entrepreneurship in Tourism & Hospitality  LEARNING OBJECTIVES: At the end of the lesson, you should able to: describe the overview of Entrepreneurship in the Philippines; analyse...

ENTREPRENEURSHIP IN THE PHILIPPINE SETTING LESSON #02 Entrepreneurship in Tourism & Hospitality  LEARNING OBJECTIVES: At the end of the lesson, you should able to: describe the overview of Entrepreneurship in the Philippines; analyse how Entrepreneurship develop the country; identify the government agencies related to entrepreneurship in the country; apply the Filipino values in business; and identify the different business that are in demand in the Philippines. A glimpse of the Philippines The Philippines has a mountainous terrain. Over 30,000,000 hectares of land has 7,100 islands in the archipelago with Luzon, Visayas and Mindanao as the largest regions. has rich and diverse resources. Our land is fit for agricultural activities. Rice, corn, fruits and vegetables grows best A glimpse of the Philippines Abaca, coconut and sugarcane are products widely seen around the country important minerals are mined like, Gold, Silver, copper, nickel, bauxite and carbon the Philippines also has oil reserves in Palawan and in the much contested, Spratly Islands A glimpse of the Philippines Dry and Typhoon Season Tagalog-based language and more than 100 dialects Mostly Catholic religion In the typical Filipino environment, entrepreneurship is not so much encouraged at an early age. A glimpse of the Philippines Our country is also abundant in marine resources, like fish, corals, and marine vegetation which is a major source of income in many island inhabitants. ○42% FORESTED ○8% Urban, water underdeveloped ○15% Arable and uncultivated ○11 % Arable and cultivated ○4% plains and grasslands A glimpse of the Philippines FILIPINOS have excellent human relations ○Pakikipagkapawa-tao ○Pakikibagay ○Pagmamalasakit ○Pakikisama ○Bayanihan A glimpse of the Philippines FILIPINOS uphold the value of self-esteem and good public image ○Amor-Propio (self-love/ self respect) ○Delicadeza ○Mapahiya (Mahiyain) A glimpse of the Philippines FILIPINO by nature are courageous ○Bahala Na ○“Ang Makipagsapalaran sa Maynila” A glimpse of the Philippines FILIPINOS are noted for their ability to withstand crisis. ○ Have natural strength of character and a strong sense of faith in God. ○Extreme personalism ○Extreme family-centeredness ○Lack of discipline ○Passivity and lack of initiative ○Colonial Mentality ○Kanya-Kanya syndrome ○Lack of Self Analysis and Self Reflection GOVERNMENT AGENCIES Involved in ENTREPRENEURSHIP in the PHILIPPINES DEPARTMENT OF TRADE AND INDUSTRY (DTI) The DTI is responsible for realizing the country's goal of globally competitive and innovative industry and services sector that contribute to inclusive growth and employment generation. Pursuant to the Philippine Development Plan (PDP) 2017-2022, we shall endeavor to reduce inequality and poverty by expanding economic opportunities in industry and services, and by increasing the access particularly of micro, small and medium enterprises (MSMEs), cooperatives and overseas Filipinos (OFs) to these opportunities. To attain these sector outcomes by 2022, we need to: o Increase local and foreign direct investments o Increase competitiveness, innovativeness and resilience of industries and services o Improve access to finance, to production networks, and to markets o Enhance productivity, efficiency, and resilience o Ensure consumer access to safe and quality goods and services  EXAMPLE of DTI Certification For those interested in establishing sole proprietorships and registering their business names, The DTI is the office to head to. Businesses that are importing and exporting are required to register with DTI and in doing so, are eligible to receive special incentives for importing. It is the entity that governs organizations that promote investments such as Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA). This office is in- charge of the accreditation responsibilities of the Bureau of Product Standards (BPS) Accreditation Scheme (BAS) and BPS Laboratory Accreditation Scheme (BPSLAS).  DTI ROLE in STRENGTHENING THE ENTREPRENEURHSIP OF THE PHILIPPINES Micro, small and medium enterprises (MSMEs) are the backbone of the PHL’s economy since they serve as critical drivers of our economic development, particularly in fostering growth, employment, and income. The government, as it continues to put its economic plan in place is an indication of recognizing the importance of MSMEs in our country. Armed with this mission, effective and efficient actions such as implementation of policy provisions is essential to carry out the plans in addressing, sustaining and expanding the programs and services of the MSMEs which will undoubtedly contribute to the country’s GDP and growing labor force.  DTI ROLE in STRENGTHENING THE ENTREPRENEURHSIP OF THE PHILIPPINES Among the initiatives of the government is the DTI’s 7Ms which aims to help Filipinos to set up their own business and be smarter entrepreneurs. With the planned projects in attaining the seven-point strategy that includes Mindset, Mastery, Mentoring, Markets, Money, Machines, and Models of Business, the Department of Trade and Industries hopes that these ways can make a difference in the market which will consequently contribute to the larger cause of sustaining the Filipino entrepreneurship revolution (Department of Trade and Industry, 2018b). MINDSET CHANGE – embrace the right and positive entrepreneurial attitude that will carry you through your vibrant entrepreneurial journey. With DTI’s Negosyo Center seminars, the SME Roving Academy (SMERA) and the Kapatid Mentor ME program, we in MASTERY–to master the know-how & how- tos of entrepreneurship, from what you need to set up a business, basic rules of spotting market opportunities, finding your product positioning and differentiation, product development, market development, basic business finance and plan preparation, as well as developing a system for continuous innovation. MENTORING – provide you continuous business guidance in partnership with private sector members like Go Negosyo, PCCI, PFA, AFFI and FFCCCII -experience coaching and mentoring of industry experts and large corporations on different aspect of business operations MONEY – connect you to micro finance institutions (MFIs) to help you out with financing, whether you’re setting up a business or if you want to expand. MACHINE – must-have knowledge on equipment and right tools to ensure quality production under the Shared Service Facilities (SSF) program, you can also use these to level up your production and increase productivity. With innovation, you and your fellow entrepreneurs can produce more products more efficiently. MARKET ACCESS– promote your products through provincial and national trade fairs, OTOP (One-Town, One Product) shows, Go Lokal! retail store concepts in major malls, and the internationally-recognized FAME exhibits. We can also link your business to big companies or to government so that you can supply them with your products on a continued basis. MODELS OF NEGOSYO–give you different business ideas to help you get into business, from traditional enterprises to direct selling and franchising. We also teach you livelihood skills like baking, soap-making, etc. At our Negosyo Centers, there’s more than one way to do business. MSMEs need to have ties with bigger guys to create synergies, which are essential in matching and innovating products and services. DEPARTMENT OF LABOR AND EMPLOYMENT (DOLE) DOLE is the national government agency that is responsible for formulating policies and implementing programs in the field of labor and employment. The agency protects workers and their welfare by enforcing employment and labor laws. For foreign nationals looking to work in the Philippines, the DOLE is where they must head to to apply for Alien Employment Permits. SECURITIES AND EXCHANGE COMMISSION (SEC) The commission’s major functions include registration of securities, analysis of every registered security, and evaluation of the financial condition and operations of applicants for security issue. Corporations in the Philippines acquire their license from and are registered with the Securities and Exchange Commission. Partnerships and corporations head to this office when registering for their business names. SOCIAL SECURITY SYSTEM (SSS) The Philippine Social Security System (SSS) is a social insurance program for employees in the Philippines. Founded in 1957, the SSS is a government agency that provides retirement and health benefits to all paid up employees in the Philippines. Members of the SSS can also make 'salary' or 'calamity' loans. HOUSE DEVELOPMENT MUTUAL FUND (HDMF) The most popular program benefit of the Pag-IBIG Fund offers assistance to its members by providing affordable financing for their housing needs. HDMF accomplishes this by working in partnership with the local Real Estate Developers and arranging affordable loans to real estate buyers (Pag-IBIG members). Membership to the HDMF is mandatory, therefore all employers and employees must register and contribute to the fund. This government entity is under and directed by the Pag- IBIG fund. Through the HDMF, members are able to avail housing loans and calamity relief funds. PhilHealth PhilHealth is the Philippine government’s health care corporation. The responsibility of Philhealth is to give its members the basic health insurance and health care financing. SSS members are required to register for PhilHealth. ENTREPRENEURSHIP In the PHILIPPINE SETTING ENTREPRENEURSHIP in the PHILIPPINE SETTING Micro-, small and medium-sized enterprises (MSMEs) are businesses employing less than 200 workers or those with an asset size of no more than 100 million. Large enterprises, on the other hand, are defined as businesses having more than 200 employees or with an asset size of more than 100 million. Small and Medium Sized enterprise (SMEs) make up 99.6% of registered business in the Philippines and employ over 70% of the working population. 820,795 Micro Businesses, 86,955 Small Businesses, and 4,018 Medium Businesses. 911,768 total number of MSME in the Philippines. FILIPINO Values Existing values and culture of the people have significant effects in business. They are among the factors that have to be considered by anyone who is putting up a business. These values and culture affect the buying decision. Filipinos have shown great human relations. Filipinos uphold the value of self-esteem and good public image. Filipinos are generally adventurous. Filipinos by nature are courageous. Filipinos are noted for their ability to withstand crisis. TEN REASONS for doing business in the PHILIPPINES TOP REASONS 1. The Philippines is creating incentives to entice foreign investors, opening opportunities particularly in the areas of industrial and infrastructure development. 2. Earning and capital can be freely converted and repatriated. TOP REASONS 3. A wave of privatization and deregulation has added substantially to the investment attractions. 4. Philippines financial markets, while still volatile, have been most rewarding emerging securities markets, posting remarkable performance in the recent years. TOP REASONS 5. The Philippines is one of Asia’s most accessible countries for many Westeners because of its historic links with the Spain and the U.S. 6. At the crossroads of international shipping and air routes, this island nation is strategically positioned as a perfect intermediary between Asia and the rest of the world. It is both a potential source for those seeking suppliers worldwide and a prime location from which to serve the rapidly growing Asia markets. TOP REASONS 7. The country offers a skilled, highly trainable, and inexpensive labor force of more than 26 million people, many of whom speak in English. 8. The Philippines has a long-established reputation as a significant exporter of agricultural products, minerals, and other raw materials commodity goods. TOP REASONS 9. The Philippines reawakening industrial sector has already begun to produce and export a range of competitive, higher value-added industrial products, and its effort at diversification are succeeding. The country is fast becoming a competitive producer in regional and world markets. TOP REASONS 10.The nation’s population constitute a huge domestic market for modern consumer goods. Policies encouraging efforts mean a demand for imports of intermediate goods, high tech machinery, and raw materials. BUSINESS IDEAS in the PHILIPPINES  Home-Based Costume Rental Palamig Business Shop Cellphone Loading Cake and Pastry Business Business Bills Payment Online Buy and Sell Business Business  Piso WiFi Online Buy and Sell Vending Machine Business  Photo Booth Vlogging Rental T-Shirt Printing Water Refilling Business Station Food Cart Franchise