MANY Filipinos want to start their own businesses but struggle due to lack of government support, the Batang Quiapo party-list group said, as it called for new laws to make microfinancing easier and more accessible.
Zofia Canlas, a nominee of Batang Quiapo and a marketing expert who also runs an online business, cited recent surveys showing a strong entrepreneurial spirit among Filipinos seeking flexibility and financial stability.
A March 2023 OCTA Research survey found that 78 percent of 1,200 adult respondents—or nearly eight in 10—wanted to become entrepreneurs to manage their own time and schedules. Meanwhile, the National Economic and Development Authority’s (Neda) “Ambisyon Natin 2040” report noted that 47 percent of Filipinos preferred to be employers in family-operated businesses, while 22 percent wanted to be self-employed.
Canlas stressed the need for a law mandating banks to provide small loans, savings programs, and other financial products to low-income individuals and entrepreneurs who have no access to traditional banking.
“Microfinancing laws will benefit low-income entrepreneurs such as small business owners, vendors, traders, women facing barriers to financial services, and rural communities,” Canlas said.
“Overall, microfinancing can be a valuable tool for promoting economic development and financial inclusion,” she added.
One of Batang Quiapo’s key programs is “LOAN PUHUNAN,” a microfinancing initiative for vendors and other microentrepreneurs, Canlas said.
Micro, small, and medium enterprises (MSMEs) often struggle to secure bank loans due to lack of collateral, credit history, or financial records, she noted. “This is what we will push for in Congress,” she said.
A recent OCTA Research survey placed Batang Quiapo in 30th place among party-list groups, putting it on track to secure at least one seat in the House of Representatives.