The latest GDP report is understandably sobering. With the Philippine economy growing by only 2.8 percent in the first quarter of 2026 – the slowest pace since the pandemic — it is easy to focus on uncertainty, rising prices, and weakening consumer confidence.

But moments like this also remind us where the country’s real economic strength lies: in the resilience and determination of ordinary Filipinos.

Behind every GDP figure are millions of micro, small, and medium enterprises (MSMEs): market vendors, repair shops, farmers, transport operators, online sellers, neighborhood eateries, and family-run stores that keep communities alive. MSMEs make up the vast majority of businesses in the country and provide livelihoods to millions of Filipinos.

When growth slows, these enterprises are often the first to feel the strain. Higher fuel costs, weaker consumer spending, and tighter cash flow immediately affect their survival. Yet history has also shown that MSMEs are among the quickest sectors to recover and adapt when given the right support.

This is why economic slowdowns should not simply alarm us. They should push us to invest more deeply in inclusive growth.

We need to support MSMEs. Small entrepreneurs need accessible financing, simpler government processes, stronger local supply chains, and sustained support for agriculture and domestic industries. Digitalization also matters, but technology alone is not enough. Entrepreneurs also need training, mentorship, and market access.

Last month, together with Roby Alampay, my co-host on the Ka-Nayon YouTube channel, we featured two inspiring microfinance entrepreneurs whose stories reflect both the hardships and possibilities of doing business in uncertain times.

One was Rizalina Tolentino, who built a stable enterprise through discipline, planning, and perseverance. The other was Yolanda Gaceta, who transformed a small upholstery venture into a growing business through adaptability and innovation.

Their stories highlight an important truth: succeeding in business requires more than hard work. Entrepreneurs must also prepare for uncertainty by having a Plan B — and sometimes, even a Plan C. Businesses need safeguards against losses, disruptions, and crises.

Rizalina’s journey began with a modest ₱3,000 loan. She started as a vegetable wholesaler, but shifted to a retail store when health concerns limited her mobility. Through responsible financial management, she gradually expanded her credit line and grew her business, eventually entering construction and real estate.

One major challenge she encountered was supplier dependency. Her hardware business relied heavily on a single supplier, making operations vulnerable to disruptions. To reduce this risk, she secured financing and established her own hollow block manufacturing plant.

The decision gave her greater control over operations and reinforced an important lesson: businesses become more secure when they avoid relying too heavily on one supplier, partner, or source of income.

Rizalina also demonstrated the value of diversification. During the pandemic, her hardware and resort businesses temporarily shut down, but her grocery business continued operating and sustained her family and enterprise. Because her investments were spread across different sectors, she was able to withstand the crisis.

Like many entrepreneurs, she also faced unpaid debts, employee dishonesty, and financial losses. Yet she persisted. Her story shows that risks are unavoidable, but they can be managed through adaptability, planning, and determination.

Yolanda Gaceta’s journey reflects similar lessons in resilience. She started with a small sari-sari store, but a major setback came in 2013 when their home along the highway was demolished. At the same time, unpaid customer debts caused significant losses.

After relocating, Yolanda and her husband, a former jeepney driver, ventured into upholstery with the help of microfinance loans. Initially, they relied on scrap materials, but they later shifted to brand-new raw materials to improve quality and strengthen customer trust.

Their biggest challenge, however, came from extending too much credit. Under an “outright credit” arrangement, vendors only paid after selling the products. The system eventually resulted in nearly ₱200,000 in unpaid accounts.

To protect the business, Yolanda made a difficult but necessary decision: she abandoned the risky credit-based setup and shifted toward direct store sales while embracing online selling. These changes improved cash flow, reduced bad debts, and stabilized operations.

Her message to fellow entrepreneurs was simple but powerful: never give up, and never allow fear to prevail. Risks will always exist in business. The key is to remain prepared and keep moving forward.

Economic slowdowns are temporary. The entrepreneurial spirit of Filipinos is not.

The Philippines has endured global crises, natural disasters, and the pandemic. What carried the country through those difficult years was not statistics alone, but the perseverance of workers, small entrepreneurs, and local communities.

If the government, financial institutions, business groups, and civil society work together to strengthen MSMEs and widen financial inclusion, this period of slower growth can still become an opportunity to build a more resilient and inclusive economy.

Growth matters. But growth that reaches more Filipinos matters even more.

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“Out of difficulties grow miracles.” – Jean de la Bruyere