Open AccessUnderstanding Small Business Contribution to the National Development in the Philippines
Author(s) -
Kosy Timothy Nwosu,
Azubuike Lucky Umeh
Publication year - 2021
Publication title -
international journal of science and management studies
Language(s) - English
Resource type - Journals
ISSN - 2581-5946
DOI - 10.51386/25815946/ijsms-v4i4p105
Subject(s) - business , small and medium sized enterprises , rural economy , competitive advantage , economic growth , key (lock) , rural area , international trade , economic system , economics , finance , political science , marketing , ecology , law , biology
Micro, small and medium enterprises (MSMEs) have been identified as the backbone of global economy (Bloem, 2012; Dano-Luna, Canare& Francisco, 2018). This fact is true in a developing country such as the Philippines. The Philippine Senate Economic Planning Office (2012) noted that MSMEs are very essential to the economy as it is linked with the creation of jobs, innovation and wealth. Specifically, they are attributed with the boost of economic progress in rural areas, the provision of support services to large enterprises and the formation of new entrepreneurs and large corporations (Senate of the Philippines, 2012). As such, MSMEs are crucial partners for the realization of the fullest economic potential and growth of the Philippines. This is to say that MSMEs play a key role in the maintenance of the cooperative and competitive advantage of the Philippines in the ASEAN integration and in the global market.