Micro, small, and medium enterprises (MSMEs) are considered the backbone and lifeblood of the Philippine economy. From food manufacturing, retail, to distribution, and services, they make up 99.6% of the total businesses in the Philippines. These small businesses give significant development to the country’s economic activity, keeping the wheels of our country’s economy running. This means by supporting our Philippine MSMEs, you are also supporting the progress of our fellow Filipinos!
However, in this uncertain time, our local MSMEs are the most at risk during the COVID-19 pandemic. Their small size individually in terms of employment, operations, capital, and public demand are big factors when it comes to deciding their sustainability and success during this global outbreak.
So, why should you continue supporting local MSMEs? Why is this the time to help Philippine MSMEs more than ever? Here are the top 5 reasons why you should support Philippine-made products.
1. It generates more jobs for Filipinos.
Philippine MSMEs are a source of income to many of the country’s communities -- big and small. By supporting Filipino products, your money goes directly into their pockets. You are helping in creating more jobs for Filipinos, especially those in need. Moreover, with almost a million MSMEs all over the archipelago, MSMEs provide a third of the total employment of the Philippines.
2. It helps build the Philippines’ economy.
Supporting local means supporting yourself too. When you buy Philippine-made products, money stays in the community when you purchase from locally-owned MSMEs because they also purchase from other local businesses such as banks, service providers, and farms. This in turn strengthens the Philippines’ economic base, allowing support and success for other local businesses as well.
3. Local food is healthier.
Food that comes from local MSMEs and farms use little to no preservatives and chemicals. Those produced by commercial and international enterprises, however, tend to use more preservatives to maintain their products’ quality since they ship them all over the globe.
4. It provides more product choices.
Buying from Philippine MSMEs grants you access to unique, healthy, innovative, and cheaper products that are results of a healthy competition among the marketplace. As a consumer, this is great news since you’ll enjoy the benefits of having more products that are in tune with your needs.
5. It encourages future investments.
A thriving market attracts investors and entrepreneurs which in turn improves the country’s economic growth. With this, they’ll see the Philippines as a progressive country, a secure place they can invest in.
As our country faces its biggest challenge, as hundreds of thousands of Filipino artisans, makers, creators, and entrepreneurs face the prospect of a weakened economy, let us remember that they need our support more than ever. Buy local, buy Filipino-made products. Keep Filipino hands working so we can keep our economy going.
Buhayin ang ekonomiya. Maging bayani. Maging BUYani. Buy local, Go Lokal!
Sources: Karton | Inquirer.net | The Local Good | MyBusinessAcademy.ph
Image sources: Pixabay
