Are you an existing business owner or planning to start your own business in the Philippines? Below are 5 Philippine government programs that are worth knowing:
1. Pondo sa Pagbabago at Pag-Asenso
Under this program, small business owners and budding entrepreneurs can borrow up to P200,000 – enough to get them started on a small business – from the Department of Trade and Industry (DTI) with an interest rate of 2.5% per month.
2. Barangay Micro Business Enterprise
Under the Barangay Micro Business Enterprise (BMBE) Law, micro-entrepreneurs registered as a BMBE in the Philippines enjoy exemption of coverage from the minimum wage law, income tax exemption, social security, and healthcare benefits, priority for a particular credit window and assistance programs and training.
3. Small and Medium Enterprise Roving Academy
This is a partnership and mentorship with the DTI, where business owners participating in the program get paired with a counselor and an expert who advises them on training and business development services they may need.
This provides free education and training and assists small business owners to link with more prominent companies. It gives both established and new business owners in the Philippines the necessary knowledge, advice, skills, and connections to run and grow a business. To find out more about how to join this government program and the requirements you’ll need, check out the DTI website or inquire at your nearest DTI Office or Negosyo Center.
This helps bring locally-made products to Go Lokal! partner stores and retail establishments all over the Philippines.
Conclusion
There could still be more government initiatives available out there that support small business owners and budding entrepreneurs. All you have to do is go to the DTI website or inquire at your nearest DTI Office. There are also private investors, incubators, accelerators, and angel investors that you can tap not only to get funding but also for their advisory services.
If you’re ready to go but haven’t started on that idea yet, it’s time to create a business plan and launch your business. TapVirtualCfo (TVC) can provide invaluable support for entrepreneurs who would like to start or grow their businesses in the Philippines. Specializing in virtual CFO and outsourcing services, TVC caters to private market companies, startups, and small to medium-sized enterprises (SMEs). With a team of highly experienced professionals, TVC can assist businesses in achieving their financial objectives through tailored solutions that enhance financial visibility, optimize cash flow and financial strategies, and drive profitable and sustainable growth. Entrepreneurs can rely on TVC’s managed accounting services, which cover data entry, bookkeeping, and financial reporting, freeing them to focus on their core business activities. Additionally, TVC offers talent outsourcing services, providing skilled professionals for temporary or project-based positions, enabling businesses to expand swiftly. By partnering with TVC, entrepreneurs gain access to financial excellence and expertise essential for navigating the challenges of running successful businesses in the Philippines.
