Riding on prosperity: Empowering motorcylce nanopreneurs for nation-building

Our beloved nation stands on the cusp of economic resurgence. From a promising GDP growth of 6.4 percent in the first quarter of this year to falling unemployment and inflation rates, the Philippine economy is fuelling up for a significant sprint. This positive trend is the result of our government’s tireless efforts to weather the storm of the pandemic, turning challenges into opportunities for sustained growth. However, our task does not stop at these achievements. It’s time to power up our engines and aim for the next milestone: eradicating poverty.

According to recent surveys, approximately 14 million Filipino families consider themselves poor. This plight is more pronounced among those in the informal sector who, despite their significant contribution to our economy, have limited access to financial services.

Enter the concept of financial inclusivity. The World Bank states this as an indispensable tool that can aid families and businesses in managing their finances for both long-term goals and unexpected emergencies. This tool, as the Philippine Statistics Authority aptly pointed out in their study, can alleviate poverty and bolster economic prosperity.

Yet, it’s a harsh reality that the ones who need it the most, such as those in the informal sector, are often the ones left behind. It is not just about “including” the informal sector in the existing financial system but reimagining a system that suits their unique needs.

Consider Jimboy, a member of the growing fraternity of motorcycle owners in our country. His journey from a struggling motorcycle owner to a nano-entrepreneur illustrates the transformative power of financial inclusivity. The transformation was catalyzed by a service platform that tailored its approach to his specific needs, enabling him to support his family, educate his children and even build a house.

Such success stories fuel our drive to create a more inclusive financial ecosystem that accommodates the unique requirements of the informal sector, rather than shoehorning them into a system that isn’t designed for them.

We are looking at a three-step roadmap towards this goal: instilling the right mindset and intention, emphasizing education and upskilling, and building a motorcycle nanopreneur ecosystem.

Firstly, the narrative needs to shift from creating jobs to nurturing dreams. We need to recognize the entrepreneurial spirit in these individuals and cultivate an environment where success becomes the norm. After all, you shouldn’t need to be exceptional to just be able to take care of your family. We can build a system that ensures everyone with a trained skill and hard work can be a successful breadwinner of the family.

Secondly, we must place a high premium on education and upskilling. Initiatives such as safety training and financial literacy programs equip our fellow citizens with the knowledge to manage their finances effectively.

Finally, we envision a nanopreneur ecosystem that provides meaningful and sustainable work opportunities. By leveraging technology, we can create a platform that offers them a marketplace of jobs, low-interest business loans and bespoke insurance plans tailored to their unique needs.

In fact, as pioneers of this space, we’ve not just created these standards, but have shared them with the country and it is now enjoyed and used by the entire industry.

At a recent meeting with the President and his esteemed Cabinet members at the Private Sector Advisory Council for jobs, I had the privilege to present this motorcycle nanopreneur program. The response was heartening, to say the least. Our government stands ready to throw its weight behind this program with the ambitious goal of creating one million jobs in three years.

In essence, financial inclusivity for the informal sector isn’t a matter of fitting a square peg into a round hole. It’s about crafting a round peg for a round hole. We must devise a system that not only acknowledges their aspirations but actively nurtures them, transforming economic outliers into formidable contributors to our nation’s prosperity.

The time has come for us to turn the ignition and drive forward together, breaking the shackles of poverty and inequality. As a nation, let’s shift gears, accelerate our efforts and drive towards an economy where every Filipino, like Jimboy, can chart their own road to economic independence.

I am confident our nation will roar to life, empowered by the hum of a million motorcycles, driving us towards a horizon where prosperity is not just a dream but a guarantee. Together, we will create that highway towards a true freedom that echoes with the inspiring stories of a million Jimboys.