PH entrepreneurs upbeat on economy
MANILA, Philippines – Filipino entrepreneurs remain confident that the country's economic environment will improve in the next 6 months, according to a survey released by Entrepreneurs' Organization.
In the Philippine release of the latest Global Entrepreneur Indicator (GEI), 60% of business owners said they expect a better operating environment, while 40% think it wiould only stay the same.
The Filipino entrepreneurs’ sentiment is a stark difference from the global sentiment of 33.24% improvement; 2.72% deterioration; and 61.8% status quo.
Also, 73.33% said that local businesses reported a favorable business environment while 93.33% predict it to be better in the next 6 months, the survey showed.
Hitting the 2014 economic growth target of 6.5% to 7.5% is still possible for the Philippines, if historical performance will repeat itself.
A 6.9% growth in the second half of 2014 is needed to achieve the lower end of the 6.5% to 7.5% full-year growth target, National Economic and Development Authority (NEDA) director-general Arsenio Balisacan previously said.
In its 5th year, the GEI is a twice-yearly gauge of the near-term global economic outlook that delivers data on job creation, outlook, employment, debt, and revenues to forecast global trends. It reflects key figures from 2,851 members of the Entrepreneurs' Organization, mostly small and medium enterprises (SMEs) across 46 countries. The information from the Philippine study was based from responses of local chapter members.
Meanwhile, Philippine small and medium enterprises (SMEs) – which account for 99.6% of total registered enterprises per Department of Trade and Industry (DTI) figures – currently contributes 35% to the country’s gross domestic products (GDP), the Philippine Institute for Development Studies (PIDS) data showed.
With the upcoming ASEAN integration in 2015, SMEs are still faced with challenges such as access to finance and information. (READ: 'ASEAN integration an opportunity, not a threat to PH SMEs')
To improve SME competitiveness and productivity, the 2011-2016 Micro, Small and Medium Enterprise (MSME) Development Plan indicated a target of increasing MSME contribution to 40% gross value added through government support. – Rappler.com
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