'Prosperity for all'
Published Aug 26, 2022 12:05 am

With the country still reeling from the effects of the Covid-19 pandemic, the launching of “Kapatid Angat Lahat Program” today is timely as it comes at a time when the nation is in economic recovery mode after the lockdowns.
Former presidential adviser on entrepreneurship Joey Concepcion, as lead of the Private Sector Advisory Council’s Jobs Group, will spearhead the program launch during the Micro, Small, and Medium Enterprises (MSME) Summit at the Manila Hotel. Its battle cry is “Pilipinas Angat Lahat, or Prosperity for All.”
The Kapatid Angat Lahat Program, according to Concepcion, is a public-private sector partnership initiative that aims to promote economic growth using Go Negosyo’s paradigm of giving MSMEs access to capital, markets, and mentoring. Among the program’s projects is a one-stop-shop platform where MSMEs may access business opportunities, information, and the connections needed to successfully launch and operate a micro, small, or medium-sized business. They may also seek guidance on legal business registration and operational requirements, formalizing informal businesses, financial capital support options, micro-loans, more robust market access, and business mentorship from ideation to sustainability through this one-stop-shop platform.
According to the Asian Development Bank Institute (ADBI), MSMEs drive the Philippine economy as they accounted for 99.5 percent of all enterprises and employed 63.2 percent of the country’s labor force as of end 2018.
But with the Covid-19 pandemic, these have changed significantly as MSMEs are among the hardest hit. With their limited resources and lower capacity to cope, MSMEs are vulnerable to economic shocks like the pandemic.
In a study conducted by the ADBI, an Asian think tank, MSMEs began laying off employees at a relatively early stage of the pandemic to survive – 68 percent of micro, 59.5 percent of small, and 78.6 percent of medium-sized firms, especially in manufacturing (69.4 percent) and services (67.3 percent). Lockdowns imposed at the early stages of the pandemic took a heavy toll on the finances of these small enterprises. And even when businesses were allowed to gradually reopen, MSMEs still feel the adverse impact of the dramatic change in operations, including the observance of minimum public health standards. Gone was the pre-pandemic way of doing business.
With the current situation, this initiative to help revive the MSMEs is a welcome development because of the vital role these small enterprises play in the country’s economy. As Concepcion said, this program would make it easier for big enterprises to support MSMEs in expanding their businesses, thus providing more jobs for Filipinos.
We laud the Private Sector Advisory Council’s Jobs Group and Concepcion, who has been championing the cause of MSMEs, for this noble project.
With this initiative, plus the support of the government and larger enterprises, we look forward to more resilient and robust MSMEs to help keep the country’s economy afloat.
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