Entrepreneurs are the backbone of our economy. The Philippines is an entrepreneurial country. Small and medium-sized enterprises (SME), including micro-enterprises, account for 99 percent of all business establishments and 60 percent of the exporting firms in the Philippines. According to the Department of Trade and Industry, SME’s currently employ about 55 percent of the Philippine labor force and contribute 30 percent to total domestic sales volume.
Among the current problems that Filipino entrepreneurs encounter today are the inadequate access to technology, financing capital, marketing advice and logistical problems in setting up and maintaining their competitiveness in their community. For this reason, the Philippine government has identified the need to foster entrepreneurial spirit to jumpstart our lagging economy.
To further emphasize the importance of developing entrepreneurship education, a recent study by the Center for Asia Pacific Studies reveals, “out of every 100 children enrolled every year, 66 will complete elementary education, 42 will finish high school and only 14 will earn a college degree.” A study by Smart Communications adds, ” only 7.7% of graduates get employed”. This means that out of 100 children that goes to school, only one will end up getting a job.
This has led LET’S GO to ask – What happens to the rest? Students who do not graduate or cannot find decent employment in the country usually fall into the trap of joining the unemployed population, or resort to dealing with illegal drugs and crime as a means of living. The scarcity of jobs has further contributed to the exodus of skilled workers abroad, where 2,000 Filipinos leave the country everyday to seek higher income and greater opportunities in career advancement.
With this in mind, LET’S GO believes that a viable solution to overcome these challenges today is by promoting Entrepreneurship and giving Filipinos the proper knowledge and tools in start their own businesses.