Abstract
With the ASEAN's current initiative towards regional market integration, the small-and-medium scale enterprises (SMEs) in the Philippines - one of the major economic growth drivers in the country sees a potential opportunity for a considerable increased market access and a tremendous growth. For the country to become a major player in the ASEAN market and in the regional production networks, the smaller businesses must be ready to face the challenges and opportunities the economic integration brings. Thus, the paper aims to lay-out factors that are critical to the development of our local SMEs in terms of firm characteristics, investment climate, finance and current reforms which are essential to understanding the competitiveness and opportunities that the industries may seize. The regression analysis of the firms from the World Bank Enterprise Survey showed that access to credit, use of technology communication and years of experience of the managers have the greater likelihood of becoming a good market player in the ASEAN.
Highlights
The economy and its growth is one of the more pressing topics in the concluded Philippine Presidential Elections
As indicated in the introduction, the research question to ask in the study – “is Philippines ready to become a major player in the ASEAN market”? The study seeks to know the factors that are primary to the growth of our local small-and-medium scale enterprises (SMEs) in terms of firm characteristics, investment climate, finance and current reforms
The Plan laid out the overall framework in formulating action plans for a more harmonized approach to MSME development
Summary
The economy and its growth is one of the more pressing topics in the concluded Philippine Presidential Elections. The Philippines economic growth and performance - internationally and internally remained lackluster. Oftentimes, the abundance of specks, or the many dots to which the ‘’Micro, Small and Medium Enterprises or MSMEs’’ can be likened to, have not been given its deserved attention. The dots, the “informal business persons” have been there day in and day out doing their share for the economy. Their selling and buying which are the basics of trade; haggling and checking on supplies and demands without knowing that such acts make for robustness and management of expenses
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