Most Pinoys interested in entrepreneurship, OCTA survey shows  

MANILA, Philippines — A majority of Filipinos are inclined toward entrepreneurship, according to results of a survey conducted by OCTA Research.

Based on its Tugon ng Masa nationwide survey, OCTA said the majority of Filipinos are inclined toward entrepreneurship, and consider mentorship as an important element for small businesses.

“The survey found that 78 percent of respondents would choose to go into business, citing the following as reasons: manage own time/schedule (31 percent), having no boss to report to/ get along with (30 percent), no limit in profit/ bigger salary (16 percent), daily income/ money (12 percent), and ability to work/earn at home or anywhere (11 percent),” OCTA said.

OCTA also found out that Filipinos appear to be more attuned to entrepreneurship, as evidenced by the high awareness rating of the non-profit Go Negosyo, which advocates for micro, small and medium enterprises (MSMEs) in the Philippines.

Survey results also showed a 68 percent awareness rating for Go Negosyo, the highest awareness (78 percent) being in the Visayas region.

In addition, Go Negosyo founder Joey Concepcion enjoyed a 60 percent  awareness rating among the respondents.

The survey also showed that the respondents had a high awareness rating of what the non-profit does.  More than half of the respondents (54 percent) see Go Negosyo as a partner of, or supporting small enterprises, while 42 percent see Go Negosyo as an organization that teaches how to run a business.

Meanwhile, respondents of the survey identified capital and mentorship as the support that small entrepreneurs need from the government, at 82 percent and 67 percent, respectively.

“Mentorship was seen as important to small businesses by 95 percent of all respondents, saying it is very important (67 percent) and somewhat important (28 percent),” OCTA said.

The OCTA survey was conducted in March and had 1,200 Filipino respondents aged 18 and older, from across all socioeconomic classes.

“We welcome OCTA’s findings that more Filipinos are considering entrepreneurship. If there is one sector that has been active and striving during the pandemic, it is the micro, small and medium enterprises, and they are the ones poised to lead the Philippines’ economic development, especially as we recover from the pandemic,” Concepcion said in a statement yesterday.

Concepcion said the growing number of Filipinos willing to explore entrepreneurship means that its advocacy at Go Negosyo is getting across to all Filipinos from all the socio-economic classes and all over the country.

“We have been doing this for almost 18 years now and we will continue to reach out through our online and in-person platforms for entrepreneurs, whether they are aspiring or active entrepreneurs, are into retail or agriculture, are nano-entrepreneurs or small and micro entrepreneurs,” Concepcion said.

Earlier this week, Concepcion highlighted that MSMEs are pre-positioned to lead the country’s recovery following three years of the Covid-19 pandemic.

“If there is one sector that has been active and striving during the pandemic, it is the MSMEs.They have borne the brunt of the worst but they persevered and they are ready to take advantage of this rebound,” Concepcion said.

He emphasized that the pandemic even became an opportunity for some MSMEs to pivot to digital technology.

“They quickly adapted to selling online, and thanks to platforms that were easy and accessible for them, such as the digital payments platforms, social media, and delivery and ride-hailing apps, they became quite fast at changing the way they did business,” he said.

The Go Negosyo founder further said that present conditions are favorable for MSMEs as the Senate and the House of Representatives facilitated two crucial laws that are critical to MSME development and jobs creation.

Last Monday, the Senate passed on third and final reading Senate Bill 2021, or the proposed amendments to the Magna Carta for Small Enterprises, institutionalizing shared service facilities (SSF) for MSMEs. The House of Representatives, meanwhile, approved on third and final reading House Bill 6336, a measure condoning the existing loans that farmers incurred in owning lands under the Comprehensive Agrarian Reform Program (CARP).

“I am glad that MSMEs remain a priority of the President’s agenda. Even the condonation of agrarian reform beneficiaries’ debts will help because many of our nano- and microentrepreneurs are in the agriculture sector.Both the amendment to the Magna Carta for Small Businesses and House Bill 6336 will go a long way in helping generate more jobs for the country,” he said.