MANILA, Philippines — According to the Asian Development Bank, small and medium enterprises (SMEs) are the backbone of Asian economies, making up 98% of all enterprises and 66% of the national labor force from 2007-2012.
In the Philippines, SMEs are defined as any enterprise with 10 to 199 employees and/or assets valued from P3 million to P100 million. SMEs and micro enterprises combined make up 99.6% of establishments in the country. But who are these SMEs exactly?
Filipino SMEs are the Instagram entrepreneurs, the tech startups, the grocery store owners; your nosey neighbor, your high school classmate, your cousin running the family business. It’s anyone and everyone who’s had the initiative to start their own business.
Fortunately for Filipinos, running a small or medium enterprise is easier these days, thanks to technology. Because of the Internet, there are now more opportunities for SMEs to thrive, grow, and even compete against larger, longer-established giants.
Want to know more about this breed of newly empowered entrepreneurs? Check out this infographic. – Rappler.com