ASEAN-BAC says to push for MSMEs upscaling in upcoming summit

The ASEAN Business Advisory Council (BAC) Philippines will push for the growth of micro, small and medium enterprises or MSMEs in the region in the upcoming summits in Manila, according to Chair Jose Concepcion III.

The ASEAN Business and Investment Summit (ABIS) and the ASEAN Business Awards (ABA) will be held on November 14 and 15.

“The measure of success of this event is simple. Can the region’s smallest businesses, and each and every citizen take part and benefit from ASEAN’s growth? How will it improve the lives of our MSMEs, farmers, women, and the youth?” Concepcion asked. 

Concepcion also championed the group’s initiatives including the MANA digital platform, meant to expand mentorship and entrepreneurship opportunities for micro, small, and medium-sized entrepreneurs.

“A platform aimed to expand mentorship and entrepreneurship opportunities, particularly for our micro, small, and medium-sized entrepreneurs, and of course, our young entrepreneurs,” Concepcion said.

Around 300 MSMEs are expected to participate in the upcoming summit. The businessman said they hope to inspire small businesses.

“What’s more important– it shapes up your confidence. And that’s important… People that are small entrepreneurs– they need inspiration,” Concepcion said.

“This is the first time that we’re really doing it at a larger scale… We’re bringing in, I don’t know how many MSMEs, but we’re looking anywhere between 300– about 300 MSMEs to participate in various events,” Concepcion added.

He said this will also be the first year in which there will be a ASEAN Gender Equality & Economic Empowerment Award under the ASEAN Business Awards (ABA) as a step towards inclusivity, according to Concepcion.

“Over the last two decades, the ASEAN Business Awards has been given out to more than 250 exceptional ASEAN enterprises across diverse industries. And this year, we will give out the first Gender Equality & Economic Empowerment Award, which I believe is an important step towards inclusivity,” Concepcion said.

ASEAN-BAC Philippines Senior Adviser for Women Nora Terrado said that there is a gender gap in economies now, but it is seen in scale and not in numbers.

“The question is no longer whether women take part in our economies. It is whether they can grow, scale, and lead. The gap is not in numbers. It is in scale. Women-owned businesses tend to stay smaller, and many never leave the informal economy,” Terrado said.   

Aside from that, super El Niño and vulnerabilities in the agriculture sector will be discussed at the ABIS, according to ASEAN-BAC Senior Adviser for Agriculture and Food Security William Dar.