Impact Of Entrepreneurship In The Philippines

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Introduction Entrepreneurship portrays a significant role in economic development not just on the national level but within the global economy, as one of its most important aspects is to create opportunities for employment affecting local societies in a most positive way. In line with this, there are studies that corporations are the ones having significant impact on economy growth. In contrary to that, the smaller businesses are the ones stimulating local economies the most. In fact, Small and Medium Enterprises (SMEs) is defined to be a global and real backbone of local economy as it drives the economy towards bringing creativity into the marketplace, raising employment rate and bringing innovative products and services to market and local place where they are established. Particularly, SMEs in the Philippines portrays significant contributions to the overall economy and the nation’s pursuit to economic development. Data from Department of Trade and Industry (DTI) in 2014 showed Filipinos to make up more than 99.6% of all registered businesses in the country. From 820,255 registered enterprises, only 3,496 are large enterprises and 816,759 of these are SMEs. Relevantly, SMEs provide more than two-thirds of the country’s employment and for almost one-third of the country’s income (DTI, 2003). Entrepreneurship in the Philippines and to its different locality around the country is a significant tool to empower the poor, enhance the productions, and a stimulant to
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