The crucial role played by micro, small and medium enterprises (MSMEs) has long been recognized. The established figures are astounding — more than 99% of enterprises in the Philippines are MSMEs. These business entities heavily contribute to economic development and, more importantly, generate employment in a scale larger than big industries. It thus makes absolute sense for lawmakers to pass a legislation that encourages and assists MSMEs during registration, in the conduct of business, and compliance with regulatory requirements.
What to do when one has no business idea and no business capital? The good thing about the query, received through email, is the obvious interest in doing business. It’s important to note that much of the risk in doing business lies in the insufficient understanding of the nature, requirements and prospects of the business. Peter Drucker, widely regarded as a management guru, succinctly noted that “entrepreneurship is “risky” mainly because so few of the so-called entrepreneurs know what they are doing.” There is, therefore, everything to gain in asking questions, especially for new entrepreneurs. Continue reading
[See also Filipino Time is On Time]
Republic of the Philippines
Congress of the Philippines
Third Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
REPUBLIC ACT NO. 10535
AN ACT TO SET THE PHILIPPINE STANDARD TIME (PST) IN ALL OFFICIAL SOURCES THROUGHOUT THE COUNTRY, TO PROVIDE FUNDS FOR THE INSTALLATION, OPERATION AND MAINTENANCE OF SYNCHRONIZED TIME DEVICES TO BE DISPLAYED IN KEY PUBLIC PLACES AND TO DECLARE THE FIRST WEEK OF EVERY YEAR AS NATIONAL TIME CONSCIOUSNESS WEEK
A scam is always waiting to happen. It pounces on the vigilant and clueless alike. In this era of [presumably] secure money transfers in business transactions, it’s amazing to see a simple scheme hit one company after another. This scam is really not a new but we’ve seen an alarming rise of incidents in the past months. The modus operandi goes like this. Continue reading
A recent query concerns the liability of incorporators (incorporators are basically the stockholders who created the company, with their names appearing in the articles of incorporation). We briefly touched on the liability of incorporators in a previous post (Forms of Business: Sole Proprietorship, Partnership, Corporation). In incorporating a business for our clients, we sometimes need to address the same concern so we might as well have a discuss here. Continue reading
[See also Primer on the Food and Safety Act of 2013]
REPUBLIC ACT NO. 10611
AN ACT TO STRENGTHEN THE FOOD SAFETY REGULATORY SYSTEM IN THE COUNTRY TO PROTECT CONSUMER HEALTH AND FACILITATE MARKET ACCESS OF LOCAL FOODS AND FOOD PRODUCTS, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
We (hopefully) learn from our own experience. We also learn from the experience of others, both from those who failed and from successful Pinoy Entrepreneurs. Let’s see what we can pick up from the awardees in the recently-concluded search for the Entrepreneur of the Year Philippines 2012, organized and presented by Ernst & Young, which was announced on 18 October 2012 at the Makati Shangri-La Hotel.
The usual reason given by Overseas Filipino Workers (OFWs) in leaving the Philippines, and enduring the separation from their families, is the greener pasture at the other side of the fence, wherever in the world that may be. We’ve previously noted that perhaps it would help OFWs to become entrepreneurs. Invest or start a business, whether in the Philippines or abroad, and create a financial buffer in case they decide to “retire” from work abroad and return to the Philippines. Someone asked how to start a business in the Philippines. We’ll put ourselves in the shoes of our OFW brothers and sisters, then ask: what would we do?
The story of National Bookstore (NBS), currently the biggest book chain and one of the most successful retail outlets in the Philippines, won’t be complete without telling the story of a soft-spoken lady. Socorro Cancio Ramos, fondly called Nanay, is the founding matriarch of NBS, literally and figuratively hand-in-hand with her husband, the late Jose Ramos. Her story would truly serve as an inspiration to budding Pinoy Entrepreneurs.
“It is widely accepted that small and medium enterprises play a veryimportant and significant role in the economic and social development of a country”. This is an acknowledgment by the Philippine government itself, through the Department of Trade and Industry (DTI) in its 2004-2010 SME Development Plan. Continue reading