Topics: Debt, Small business, Interest Pages: 2 (579 words) Published: August 30, 2013
Philippines is now known as the rising tiger of Asia for its great economic growth. Business mirror defines briefly the Philippines economy condition as of the fiscal year.A kitten no longer, the Philippines roared to a 7.8 percent gross domestic product(GDP) growth rate in the first quarter of 2013- the highest in Asia, beating the colossus china's 7.7 percent. The Philippines has become a tiger economy beating last year's 6.8 percent annual growth rate. (Zoilo "Bingo" Dejaresco III - Business Mirror) Although the economy of the Philippines is better unemployment is still high at 7.1 percent, keeping inclusive growth from becoming a reality. Foreign direct investments are still not big as desire (first quarter FDI) and the economy is still affected by the fragile global economy. This scenarios is a good opportunity for private individuals to engage in business. As of 2011 count, there are 820,255 business enterprises operating in the Philippines, of these 99.6 percent (816,759) are micro, small and medium enterprises (MSME's) and the remaining 0.4 percent (3,496) are large enterprises of the total number of MSME's 91.0 percent (743,250) are micro-enterprises, 8.6 percent (70,222) are small enterprises, and 0.4 percent (3,287) are medium enterprises. ( This research is conducted to study micro-enterpreneurs in the form of sari-sari store and as well the 5-6 lending business in Rosario, Cavite. Micro-enterprises are small business owners that have start up cost of less than 10,000 pesos and with annual revenue less than 15,00 pesos. Sari-sari stores are small retailing business offering products in small, affordable sizes, that commonly tap the lower-end market. This type of small scale trading enterprise whose survival of the business relies heavily on access to micro-financing business. These micro-financing usually comes from the informal money lending business called "5-6" lending business. This is the reason of the...
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