Women-owned Enterprises and the Financial Crisis


Speech delivered by Ms. Myrna T. Yao, Chairperson of the National Commission on the Role of Filipino Women during the APEC Symposium on SME Strategies to Manage the Impacts of the Global Financial Crisis held last June 8-9, 2009, Taipei, Taiwan.


LADIES AND GENTLEMEN:   BEFORE I GO TO MY MAIN TOPIC, WHICH IS MY EXPERIENCE AS AN ENTREPRENEUR AND HOW WOMEN CAN SURVIVE DURING THE FINANCIAL CRISIS, LET ME TELL YOU BRIEFLY ABOUT THE ECONOMIC LANDSCAPE IN MY COUNTRY IN THE LIGHT OF THE FINANCIAL TSUNAMI THAT HAS HIT THE WHOLE WORLD.

AS YOU KNOW, TWO OF OUR MAJOR TRADING PARTNERS, THE UNITED STATES AND JAPAN ARE NOW REELING FROM AN ECONOMIC DEVASTATION THEY HAVE NEVER EXPERIENCED SINCE THE GREAT DEPRESSION OF THE 1930S IN THE UNITED STATES. NEEDLESS TO SAY, THE RECESSION IN THE US AND JAPAN HAS GRAVE REPERCUSSIONS TO THE ECONOMIES OF THE PHILIPPINES AND THE REST OF THE WORLD.

AS A RESULT, THERE HAS BEEN A BIG DECLINE OF OUR MAIN EXPORTS TO THE TWO COUNTRIES, CONSISTING MAINLY OF ELECTRONICS AND SEMI CONDUCTORS. TOTAL EXPORTS TO U.S. DROPPED TO 33.6 PERCENT WHILE EXPORTS TO JAPAN DROPPED TO 15.2 PERCENT. EXPORTS OF MANUFACTURED PRODUCTS FELL BY 39.9 PERCENT IN January, OF WHICH 52.7 PERCENT CAME FROM SEMICONDUCTORS.

THIS IS UNDERSTANDABLE BECAUSE WHEN PEOPLE ARE OUT OF JOBS AND HAVE NO MONEY, THEY WILL NOT BE ABLE TO BUY NEW ELECTRONIC GADGETS OR FANCY CLOTHES.

IMPACT OF CRISIS ON WOMEN

IT IS NOT DIFFICULT TO IMAGINE THAT THE PRESENT ECONOMIC CRISIS HAS A GREAT IMPACT ON WOMEN AROUND THE WORLD IN TERMS OF JOB LOSS, TIGHTENING OF CREDIT FROM BANKS AND OTHER LENDING INSTITUTIONS, AND REDUCTION OF REMITTANCES.

A STUDY CONDUCTED BY THE WORLD BANK ESTIMATES THAT A ONE PERCENT DECLINE IN THE GROWTH RATE OF A DEVELOPING COUNTRY TRAPS AN ADDITIONAL 20 MILLION PEOPLE IN POVERTY. TODAY THERE ARE ALREADY SOME 100 MILLION PEOPLE DRIVEN INTO POVERTY BY HIGH FOOD AND FUEL PRICES.

THE INTERNATIONAL LABOR ORGANIZATION HAS PRESENTED A WORST-CASE UNEMPLOYMENT SCENARIO WHEREIN 22 MILLION WOMEN OF THE TOTAL 55 MILLION WORKERS AROUND THE WORLD WILL BE UNEMPLOYED THIS YEAR PARTLY AS A RESULT OF THE CURRENT GLOBAL ECONOMIC CRISIS.

THE GLOBAL UNEMPLOYMENT RATE FOR WOMEN COULD REACH 7.4 PERCENT THIS YEAR, FROM 6.3 PERCENT IN 2008.

IN ASIA, THE ILO PRESENTED A “REALISTIC” SCENARIO WHERE THE NUMBER OF UNEMPLOYED PEOPLE WOULD INCREASE BY 7.2 MILLION OR AT A RATE OF 5.1 PERCENT. WOMEN ARE LIKELY TO BE HIT HARDER. EVEN IN THE MOST OPTIMISTIC SCENARIO, THE NUMBER OF UNEMPLOYED WOMEN WOULD RISE BY 4.4 PERCENT AS COMPARED WITH 3.8 PERCENT FOR MEN.

ACCORDING TO OUR NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY, FILIPINO WOMEN WORKERS IN COMMODITY EXPORTS SUCH AS GARMENTS, ELECTRONICS, WIRING AND HARNESS, AND COCONUT OIL AND OVERSEAS FILIPINO WORKERS (OFWs) WORKING AS HOUSEHOLD HELPERS AND FACTORY WORKERS IN SOUTH KOREA, TAIWAN, MACAU, SINGAPORE AND THE US ARE AT RISK TO WORK DISPLACEMENT.

THE BRIGHTER SIDE

AFTER I HAVE PRESENTED TO YOU THIS GRIM SCENARIO, LET ME NOW SHIFT TO THE BRIGHTER SIDE, AT LEAST AS FAR AS THE PHILIPPINE ECONOMY IS CONCERNED.

ALTHOUGH THE PHILIPPINE ECONOMY GREW ONLY BY 0.4 PERCENT DURING THE FIRST QUARTER BECAUSE OF THE GLOBAL ECONOMIC DOWNTURN, OUR ECONOMIC MANAGERS LED BY OUR SOCIO-ECONOMIC PLANNING SECRETARY RALPH RECTO IS CONFIDENT THAT THE PHILIPPINES WILL NOT SUFFER A RECESSION LIKE THE OTHER COUNTRIES IN THE REGION. RECTO, HOWEVER, SAID THAT THE GOVERNMENT MAY HAVE TO READJUST ITS REVISED GROWTH TARGET OF 3.1 FOR 2009.

EARLIER, SOME REPUTABLE INTERNATIONAL RATING AGENCIES HAVE ALSO MAINTAINED THEIR EARLIER FORECASTS THAT THE PHILIPPINES WILL BE AMONG THE EMERGING COMPANIES IN ASIA THAT WILL NOT SUFFER A CONTRACTION THIS YEAR.

IN ITS GLOBAL ECONOMIC REPORT DATED MAY 2009, AMERICAN INVESTMENT BANK MERRILL LYNCH HAS SCALED DOWN ITS GROWTH FORECASTS FOR THE PHILIPPINES THIS YEAR FROM AN EARLIER 3.1 PERCENT TO 1.4 PERCENT.

HOWEVER, MERRILL LYNCH SAID WHILE THE OTHER COUNTRIES IN THE REGION WILL SUFFER A CONTRACTION, THE PHILIPPINES IS STILL AMONG THE FOUR COUNTRIES WITH POSITIVE GROWTH.

THE ASIAN DEVELOPMENT BANK (ADB), SAID THAT CHINA, THE WORLD’S FASTEST GROWING ECONOMY, WOULD ONLY GROW BY 7.0 PERCENT, DOWN FROM 9.0 PERCENT IN 2008 WHILE INDIA WOULD GROW BY ONLY 5.0 PERCENT THIS YEAR.

JUST LAST MAY 7, THE LONDON-BASED FITCH RATINGS REAFFIRMED ITS STABLE OUTLOOK FOR THE PHILIPPINES DESPITE EXPECTATIONS THAT THE COUNTRY’S DEFICIT WOULD SOAR TO P271 BILLION THIS YEAR. THIS MEANS THAT FITCH HAS CONTINUED CONFIDENCE IN THE PHILIPPINES’ ABILITY TO WEATHER THE GLOBAL SLOWDOWN OR EVEN RECESSION IN THE COUNTRY’S MAJOR TRADING PARTNERS.

FITCH SAID THE PHILIPPINES, CHINA AND INDONESIA ARE THE ONLY COUNTRIES THAT ARE NOT ON ITS NEGATIVE WATCH. HE SAID THAT THE PHILIPPINES IS STILL REASONABLY HEALTHY BECAUSE PUBLIC FINANCE HAS BEEN WELL-MANAGED IN THE LAST COUPLE OF YEARS.

WOMAN AT THE CENTER OF GROWTH

THE INEVITABLE QUESTIONS ARE: HOW COME THAT THE PHILIPPINE ECONOMY HAS REMAINED RESILIENT DESPITE THE TURMOIL GOING AROUND THE REGION AND THE WORLD? WHY HAS THE PHILIPPINES REMAINED AN ISLAND OF CALM IN A SEA BUFFETED BY ECONOMIC AND FINANCIAL WAVES? WHO WAS RESPONSIBLE FOR BUILDING THE FOUNDATIONS OF A STRONG ECONOMY?

AN INDEPENDENT STUDY UNDERTAKEN BY PROFESSOR EMILIO ANTONIO JR. OF THE UNIVERSITY OF ASIA AND THE PACIFIC (UA&P), SAID IT WAS DURING PRESIDENT ARROYO’S WATCH THAT THE PHILIPPINE ECONOMY “DEFINITELY MOVED ON” AFTER THE CRISIS OF THE MARTIAL LAW YEARS. HE SAID PRESIDENT ARROYO SHOULD BE CREDITED FOR THE PHILIPPINES’ IMPROVED INCOME AND SPENDING BALANCE AS WELL AS FOR THE COUNTRY’S MANAGEABLE INFLATION RATE.

PROFESSOR ANTONIO ALSO SAID THAT THE REFORMS ATTRIBUTABLE TO THE ARROYO ADMINISTRATION “ARE PROBABLY THE ROOTS OF THE ECONOMY’S STRONG POINTS.” HE FURTHER STRESSED THAT THE GLOBAL RECESSION HAS BEEN UNABLE TO “KNOCK OUT” THE COUNTRY BECAUSE OF THE REFORMS INTRODUCED BY PRESIDENT ARROYO IN THE AFTERMATH OF THE ASIAN FINANCIAL CRISIS IN 1997. HE ALSO DESCRIBED PRESIDENT GLORIA MACAPAGAL-ARROYO AS THE “CUTE ECONOMIST,” AND IS IN FACT AN ECONOMIST AND WAS AN ECONOMICS PROFESSOR BEFORE SHE JOINED POLITICS.

WOMEN EMPOWERMENT IN THE PHILIPPINES

THE NATIONAL COMMISSION ON THE ROLE OF FILIPINO WOMEN (NCRFW) AS THE NATIONAL MACHINERY IN THE PHILIPPINES HAS BEEN AT THE FOREFRONT IN ADVOCATING FOR WOMEN’S ADVANCEMENT AND GENDER EQUALITY. OUR PHILIPPINE CONGRESS HAS ENACTED SEVERAL LAWS THAT UPHELD THE RIGHTS OF FILIPINO WOMEN, SUCH AS THE:

  • RA 7192, ALSO KNOWN AS WOMEN IN DEVELOPMENT AND NATION BUILDING ACT PROVIDES THE LEGAL GUARANTEE FOR EQUAL RIGHTS AND OPPORTUNITY OF WOMEN IN SPECIFIED AREAS
  • REPUBLIC ACT NO. 6725, AN ACT THAT STRENGTHENS THE PROHIBITION OF THE DISCRIMINATION AGAINST WOMEN WITH RESPECT TO TERMS AND CONDITIONS OF EMPLOYMENT

THE MAGNA CARTA OF WOMEN

WE AT THE NCRFW HAVE STRONGLY LOBBIED FOR THE ENACTMENT OF THE MAGNA CARTA OF WOMEN TO FURTHER ADVANCE WOMEN’S RIGHTS AND WOMEN’S EMPOWERMENT. THE MAGNA CARTA OF WOMEN:

  • RECOGNIZES THE ROLE OF WOMEN IN NATION BUILDING AND ENSURES THE SUBSTANTIVE EQUALITY OF WOMEN AND MEN
  • ENSURES THE FULFILLMENT OF THE HUMAN RIGHTS OF WOMEN PROVIDED FOR IN OTHER INTERNATIONAL TREATIES AND NATIONAL LAWS


THE MCW ALSO :

  • RECOGNIZES THAT WOMEN FROM THE FOLLOWING GROUPS ARE MARGINALIZED AND THEREFORE ENTITLED TO SPECIAL MEASURES TO GUARANTEE THEIR SOCIAL AND CULTURAL WELL-BEING AND ACCELERATE THE EFFORTS TO ATTAIN GENDER EQUALITY
  • UNDERSCORES THE NEED TO UPHOLD WOMEN’S, ESPECIALLY MARGINALIZED WOMEN’S RIGHTS TO:

FOOD AND RESOURCES TO FOOD PRODUCTION

LAST MAY 20 & 21, 2009, OUR SENATE AND HOUSE OF REPRESENTATIVES HAVE RATIFIED THE CONSOLIDATED VERSION AND THE FINAL COPY OF THE BILL IS NOW AWAITING THE SIGNATURE OF OUR PRESIDENT THIS MONTH.

THIS LANDMARK PIECE OF LEGISLATION ON FILIPINO WOMEN WILL SERVE AS THE LOCAL TRANSLATION OF THE CONVENTION ON THE ELIMINATION ON ALL FORMS OF DISCRIMINATION AGAINST WOMEN (CEDAW).

WOMEN’S ECONOMIC EMPOWERMENT

AS A RESULT OF MY GOVERNMENT’S FIRM COMMITMENT TO PROMOTE WOMEN’S WELFARE AND ECONOMIC EMPOWERMENT AND IN COMPLIANCE WITH OUR COVENANT WITH INTERNATIONAL FORUMS LIKE APEC, ASEAN AND OTHER UNITED NATIONS AGENCIES, I AM PROUD TO REPORT TO YOU THAT:

  1. MORE FILIPINO WOMEN ARE NOW IN BUSINESS AND EMPLOYED BUT CONTINUING EFFORTS ARE BEING MADE TO IMPROVE THEIR COMPETENCIES AND SKILLS THROUGH CONTINUOUS TRAINING AND APPRENTICESHIP.
  2. CREDIT PROGRAMS HAVE BEEN ENCOURAGED AND EXPANDED TO BENEFIT A LARGE NUMBER OF FILIPINO WOMEN.
  3. EFFORTS HAVE BEEN MADE TO PROTECT AND PROMOTE THE WELFARE AND INTERESTS OF FILIPINO WOMEN, GIVING THEM CHILDCARE BENEFITS AND ADDRESSING GENDER ISSUES IN THE WORKPLACE.
  4. THERE IS NOW GREATER GOVERNMENT RECOGNITION OF THE CRITICAL ROLE THAT SMALL AND MEDIUM ENTERPRISES (SMEs) PLAY IN CAPITAL FORMATION, EMPLOYMENT CREATION, AND GROWTH GENERATION AND GREATER ATTENTION TO WOMEN IN SMEs .

FOCUS ON SMEs

IN APRIL 2003, PRESIDENT ARROYO FORMALLY LAUNCHED WHAT WE TERMED AS THE SME UNIFIED LENDING OPPORTUNITIES FOR NATIONAL GROWTH (SULONG) PROGRAM. THE PROGRAM, WITH OUR DEPARTMENT OF TRADE AND INDUSTRY AS THE LEAD AGENCY, IS AIMED AT PROMOTING MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) THROUGHOUT THE COUNTRY.

IT IS BEING PARTICIPATED BY OUR GOVERNMENT FINANCING INSTITUTIONS (GFIs) AND LOANS EXTENDED BY THESE GFIs UNDER THE PROGRAM REACHED P32 BILLION IN 2008 FROM P28.6 BILLION IN 2007. THERE ARE NOW A NUMBER OF MICRO-FINANCE INSTITUTIONS (MFIS) INVOLVED IN THE DELIVERY OF MICRO-FINANCIAL SERVICES TO THE BASIC SECTORS, SUCH AS RURAL BANKS, THRIFT BANKS, CREDIT COOPERATIVES AND THE MICRO-FINANCE NGOS.

AS OF 2006, THERE WERE 783,065 BUSINESS ENTERPRISES IN THE PHILIPPINES, 92 PERCENT MICRO ENTERPRISES, 7.3 PERCENT SMALL ENTERPRISES, 0.4 PERCENT MEDIUM ENTERPRISES AND THE REMAINING 0.3 PERCENT LARGE CORPORATIONS. THE REPAYMENT RATE OF SMALL LOANS IS SURPRISINGLY A HIGH 98 PERCENT.

MSMEs GENERATED A TOTAL OF 3,327,855 JOBS IN 2006 VERSUS 1,657,028 JOBS GENERATED BY LARGE CORPORATIONS.

(NOTE: AS OF TODAY, THERE ARE NO COMPREHENSIVE NATIONAL SEX-DISAGGREGATED DATA ON MSMES. HOWEVER, THE NATIONAL STATISTICS OFFICE (NSO) HAS ITS SURVEY ON INFORMAL SECTOR AND IT IS STILL BEING FINALIZED.)

LET ME ALSO CITE THE INGENUITY OF THE FILIPINOS WHEN IT COMES TO ENTREPRENEURSHIP. WE NOW HAVE THE SO-CALLED “HAPINOY” STORES (FOR HAPPY PILIPINO OR PINOY), WHICH ARE ACTUALLY SMALL RETAIL OUTLETS IN THE COUNTRYSIDE THAT ARE BEING SET UP THROUGH MICRO-FINANCE INSTITUTIONS. MAJORITY OF THE BORROWERS OF WHICH ARE WOMEN.

THE PROJECT, WHICH REQUIRES WITH NO COLLATERAL, IS PATTERNED AFTER THE WIDELY SUCCESSFUL GRAMEEN BANK IN BANGLADESH. IT NOW HAS MORE THAN 1,000 STORES IN LUZON AND WILL SOON EXPAND TO THE VISAYAS AND MINDANAO.

PRESIDENT ARROYO HERSELF, THROUGH PROCLAMATION NO. 719, DECLARED 2005 AS THE YEAR OF MICROFINANCE IN THE PHILIPPINES, AS SHE REGARDS MICRO-FINANCE IS THE CORNERSTONE OF THE GOVERNMENT’S FIGHT AGAINST POVERTY.

GEM: GLOBAL ENTREPRENEURSHIP MONITOR (2006-2007)

4 OUT OF 10 FILIPINO ADULTS APPROXIMATELY 19 MILLION (18-64) ARE ENGAGED IN BUSINESS.
PHILIPPINES RANKED 2ND AMONG 41 COUNTRIES IN NUMBER OF INDIVIDUAL OWNERS.
HOWEVER PHILIPPINES RANKED 6TH GLOBALLY IN TERMS OF DISCONTINUED BUSINESSES (IN THE LAST 12 MONTHS)

8 OUT OF 100 HAVE DISCONTINUED THEIR BUSINESS AND THE REASONS ARE FINANCIAL, PERSONAL AND INTENSE COMPETITION. DISCONTINUED BUSINESSES ARE MOSTLY WOMEN OWNERS. WHY? THEY TEND TO FOCUS MORE ON FAMILY THAN BUSINESS. FAMILY TIME MANAGEMENT HAS BEEN THE MAIN OBSTACLE. OTHER FACTORS ARE ISSUES WITH HUSBANDS,GENDER DESCRIMINATION, AND HEALTH RELATED CONCERNS.

DISTRIBUTION OF TOTAL EARLY STAGE ACTIVITY (TEA)

THE FOLLOWING IS THE DISTRIBUTION OF THE BUSINESSES IN THE TOTAL EARLY STAGE ACTIVITY

53% CONSUMER ORIENTED BUSINESSES (THE PRIMARY COSTUMER IS PERSON COMPOSED OF RETAIL, RESTAURANTS,EDUCATION,SOCIAL SERVICES AND RECREATION)

24% EXTRACTIVE BUSINESSES (EXTRACTION OF PRODUCTS FROM NATURAL RESOURCES SUCH AS AGRICULTURE,FORESTRY,FISHING AND MINING.)

19% TRANSFORMATIVE BUSINESSES (PHYSICAL TRANSFORMATION OF GOODS AND PEOPLE SUCH AS CONSTRUCTION, MANUFACTURING,TRANSPORTATION ETC.

3% BUSINESS SERVICES WHICH ARE PRIMARILY OUTSOURCING BUSINESS PRIMARY CUSTOMER IS BUSINESS.

TO IMPROVE THE SUSTAINABILITY OF WOMEN IN BUSINESS,GEM RECOMMENDS THE FF:
IMPROVE QUALITY,AVAILABILITY AND ACCESSIBILITY OF FINANCING.ENHANCE BUSINESS GROWTH POTENTIALS. IMPROVE AND EXPAND R & D ON SMALL BUSINESSES. PROMOTE STRONGER EXPORT ORIENTATION. STRENGTHEN ENTREPRENEURIAL VALUES & ATTITUDES.
BOOST INTEREST IN SCIENCE AND TECHNOLOGY. AND MAKE ENTREPRENEURIAL EDUCATION MORE PRACTICAL AND EXPERIENTIAL.

EMPHASIZE THE CRITICAL ROLE OF LOCAL GOVERNMENTS IN PROVIDING ENTERPRISE DEVELOPMENT AND SOCIAL SERVICES. HIGHLIGHTS WOMEN’S IMPORTANCE IN ENTERPRISE DEVELOPMENT.

PERSONAL EXPERIENCES:
LET US NOW SHIFT TO MAY PERSONAL EXPERIENCE. I WAS APPOINTED BY PRESIDENT ARROYO AS CHAIRPERSON OF THE NATIONAL COMMISSION ON THE ROLE OF FILIPINO WOMEN WITH THE RANK OF DEPUTY MINISTER DIRECTLY REPORTING TO HER SINCE 2004. SHE SAID THAT BEING A SUCCESSFUL ENTREPRENEUR SHE WANTS ME TO LEAD THE WOMEN OF OUR COUNTRY IN PROMOTING ECONOMIC EMPOWERMENT BY CREATING A GOOD ENVIRONMENT FOR OUR WOMEN TO GO INTO BUSINESS. THAT IS WHY I AM HERE AS A GOV’T SERVANT, A BUSINESSWOMAN AND AN NGO LEADER.

PERSONAL EXPERIENCE … HUMBLE BEGINNINGS

IN 1980, MY HUSBAND AND I FOUNDED RICHWELL TRADING CORPORATION. HE IS INCHARGE OF FINANCE WHILE I AM RESPONSIBLE WITH THE SALES AND MARKETING. WE STARTED AS A FRANCHISE DISTRIBUTOR OF GOODYEAR TIRES. IN TWO YEARS TIME, OUR FIRM BECAME THE BIGGEST DISTRIBUTOR OF GOODYEAR TIRES IN THE PHILIPPINES.SINCE WE HAVE REACHED OUR PEAK, WE HAVE TO LOOK FOR A BUSINESS TO CONTINOUSLY GROW AND I CHOSE “THE CHILDREN BUSINESS”

IN JULY OF 1982, RICHWELL WAS AWARDED THE EXCLUSIVE DISTRIBUTORSHIP OF MATTEL TOYS IN THE PHILIPPINES. MATTEL IS THE COMPANY THAT MANUFACTURED BARBIE DOLLS AND OTHER TOY BRANDS. SINCE THEN, WE HAVE EXPANDED TO IMPORTATION, MANUFACTURING AND SALES OF CHILDREN’S ITEMS SUCH AS TOYS, SHOES, APPAREL, BABY PRODUCTS LIKE PIGEON AND CHICCO AND ACT AS LICENSING AGENT FOR WELL-KNOWN BRANDS SUCH AS FISHER PRICE, BARBIE, ETC.

IN 1989, OUR SISTER COMPANY, RICHWELL PHILIPPINES, GOT THE LICENSE TO MANUFACTURE BARBIE DOLLS IN THE PHILIPPINES FOR 10 YEARS. MODESTY ASIDE, OUR FIRM HAS CONTRIBUTED INTO MAKING BARBIE THE MOST POPULAR BRAND IN THE PHILIPPINE MARKET TODAY.

BECAUSE OF OUR TRACK RECORD, OUR FIRMS CONTINUED TO ACQUIRE NEW BRANDS FOR EXCLUSIVE DISTRIBUTION IN THE COUNTRY. THIS INCLUDES BRANDS FROM THE UNITED STATES, CANADA, JAPAN, ITALY AND AUSTRALIA.

AS A DISTRIBUTOR AND LICENSING AGENT, RICHWELL NOW EMPLOYS 1,300 PEOPLE, ABOUT HALF OF WHICH COMPRISE ITS GROWING SALES FORCE. ITS DISTRIBUTION CHANNELS CONTINUE TO INCREASE AS IT ACQUIRES NEW BRANDS TO COMPLEMENT ITS EXISISTING LINES. WE ALSO EXPANDED TO THAILAND FOR ITS GLOBAL DIRECTION.

WHY AM I TELLING YOU ALL THESE?

BECAUSE I WANT TO EMPHASIZE TO YOU THE ROLE THAT I PLAYED, AS A WOMAN, AS A MOTHER AND NOW AS A GRANDMOTHER OF EIGHT AND AS AN ENTREPRENEUR IN THIS BUSINESS. I FOUNDED THE COMPANY WITH MY HUSBAND AS A SMALL ENTERPRISE AND NOW IT HAS GROWN TO A LARGE CORPORATION. MY TWO DAUGHTERS ARE NOW ACTIVELY INVOLVED IN THE COMPANY SO THAT I CAN ALSO WORK AND HELP THE WOMEN OF OUR COUNTRY AS A PUBLIC SERVANT FOCUSING MAINLY ON ECONOMIC EMPOWERMENT AND THE RIGHTS OF WOMEN.WITH ALL THESE RESPONSIBILITY YOU NEED TO TRAIN AND ENSURE A SUCCESSOR TO CONTINUE GROWING ESPECIALLY DURING ECONOMIC DIFFICULTIES.

WHAT I WOULD LIKE TO EMPHASIZE HERE IS THAT TO REMAIN COMPETITIVE, ESPECIALLY UNDER THE UNCERTAIN ECONOMIC CLIMATE THAT WE HAVE NOW, YOU MUST

  • DIVERSIFY
  • PRODUCE SAFE AND QUALITY GOODS
  • ADOPT A CREATIVE MARKETING STRATEGY,
  • STRENGTHEN FINANCIAL CAPACITY AND
  • GIVE YOUR CUSTOMERS THE BEST VALUE FOR THEIR MONEY.


I KNOW THIS BECAUSE LIKE OTHER WOMEN, I ALSO LOVE TO SHOP AND I SHOP FOR GOOD QUALITY ITEMS THAT ARE WORTH THE PRICE.

FURTHERMORE,

  • A CLEAR DIRECTION FOR THE COMPANY AND
  • WELL PLANNED STRATEGIES IN SALES AND FINANCES WHILE TARGETING COMPETITORS MARKET SHARE DURING A FINANCIAL OR POLITICAL CRISIS CAN EVEN HELP A COMPANY GROW.

OUR COMPANY DOES NOT JUST INTEND TO SURVIVE DURING THIS DIFFICULT PERIOD, WE INTEND TO GROW AND EVEN EXPAND AND THIS IS PROVEN BY OUR 25 PERCENT GROWTH IN THE FIRST QUARTER.

WE ARE GLAD TO SAY THAT OUR CURRENT COMPANY SLOGAN: “EVERY CHILD DESERVES A HAPPY CHILDHOOD” IS NOW PART OF OUR CORPORATE RESPONSIBILITY.

PROFESSOR MA. LOURDES SERENO’S STUDY OF “COMPETITIVE ANALYSIS OF THE PRESENT CRISIS” FROM THE ASIAN INSTITUTE OF MANAGEMENT POLICY CENTER, SAID THAT IN THE LIGHT OF THE PRESENT CRISIS, THE NATION’S COMPETITIVENESS “RESTS GREATLY ON ITS ABILITY TO PLAN AND EXECUTE PROGRAMS AND PROJECTS THAT WILL SUBJECT ITS CITIZENS AND ENTERPRISES TO THE LEAST RISKS POSSIBLE; AND BE ABLE TO SAFEGUARD THEIR INTERESTS IN INEVITABLE CIRCUMSTANCES.”

I ALWAYS BELIEVE THAT A MILLIONAIRE IS BORN DURING ECONOMIC CRISIS. YES, IT IS A PARADOX THAT OUR COMPANY EXPANDED DURING DIFFICULT TIMES. WHEN THE MARKET WAS DOWN IN 1979, DURING THE EDSA REVOLUTION IN 1986, AND THE FINANCIAL CRISIS IN 1997 AND 2009, WE DECIDED TO GROW AND EXPAND INSTEAD OF SLOWING DOWN.

IN THE NATIONAL COMMISSION ON THE ROLE OF FILIPINO WOMEN, WE BELIEVE THAT “WITH EMPOWERED WOMEN WE CAN BUILD A STRONGER NATION”. EVERY MOTHER, EVERY WOMAN DESERVES A HAPPY AND FULFILLING LIFE. AND I THINK THAT IS ALSO THE LEGACY THAT PRESIDENT ARROYO WANTS TO LEAVE TO THE FILIPINO PEOPLE: TO MAKE THE FILIPINO PEOPLE HAPPY BY IMPROVING THEIR QUALITY OF LIFE.

I BELIEVE THAT THE ECONOMIC CRISIS IS A TIME FOR CHANGE AND NEW OPPORTUNITIES. THE LESSONS THAT WE HAVE LEARNED DURING THE TIME OF CRISIS SHOULD GUIDE US AS WE MOVE ON TO THE FUTURE. WE SHOULD WELCOME THE CURRENT CHALLENGES AND TRANSFORM THEM INTO OPPORTUNITIES FOR FURTHER GROWTH AND DEVELOPMENT IN OUR RESPECTIVE COUNTRIES.

THANK YOU.