Most Filipinos aspire to own their own businesses, underscoring the need for adequate microfinancing and business-friendly laws.
A 2023 survey by OCTA Research showed that 78 percent of 1,200 adult Filipino respondents, or nearly eight out of 10, wanted to become entrepreneurs to manage their own time and schedules.
The National Economic and Development Authority’s (NEDA) “Ambisyon Natin 2040” report also found that 47 percent of Filipinos preferred to be employers in their own family-operated businesses, while 22 percent wanted to be self-employed without any paid employees.
Zofia Canlas, an online seller, a marketing expert and a nominee of the Batang Quiapo (Quiapo Youth) Party-list, said the survey results indicated a strong desire among Filipinos to own and operate their own businesses, driven by motivations such as flexibility, financial stability, and entrepreneurship.
Canlas cited the need to support Filipino entrepreneurs with microfinancing, which provides small loans, savings and other financial products to low-income individuals or entrepreneurs lacking access to traditional banking services. This promotes financial inclusion and supports self-sustaining economic development, she said.
Microfinancing would benefit low-income entrepreneurs such as small business owners, vendors, traders, women facing barriers to financial services, and rural communities with limited access to traditional banking, she said in a statement.
“Overall, microfinancing can be a valuable tool for promoting economic development and financial inclusion,” Canlas said.
Canlas said a key advocacy of Batang Quiapo is “Loan Puhuna,” a microfinancing initiative for vendors and other microentrepreneurs.
“Micro, small and medium enterprises need microfinancing due to various challenges, including limited access to traditional financing,” Canlas said.
She said MSMEs often struggle to secure loans from banks due to a lack of collateral, credit history or financial records.
Batang Quiapo said microfinancing could help MSMEs manage daily operational expenses, purchase inventory, or cover unexpected costs as well as provide capital for investments in new equipment, technology or marketing.
“Microfinancing can help MSMEs cover short-term working capital needs, such as payroll, rent, or utilities,” Canlas said.
“Microfinancing often offers flexible repayment terms and loan amounts tailored to MSMEs’ specific needs.”
Canlas said microfinancing helps individuals access financial services, promoting economic empowerment and potentially alleviating poverty by providing capital for small businesses, fostering innovation and economic growth.
She said the Batang Quiapo (Quiapo Youth) Party-list was formed to provide representation in Congress for Filipinos striving to earn an honest living and secure a better life for their families.
Specifically targeting vendors in markets, sari-sari stores, online platforms, and streets, the party-list aims to be their voice in elevating their standard of living.
“In our view, the term ‘Quiapo’ represents all market spaces, both physical and online. Our party-list is focused on fighting for the welfare and rights of vendors, ensuring their important role in their communities receives due attention,” Canlas said.
She said that ‘Batang Quiapo’ symbolizes resilience and perseverance, representing every Filipino working hard daily to support their families and escape poverty.
