Last January, the government launched an updated 2022-2028 National Strategy for Financial Inclusion (NSFI), led by the Bangko Sentral ng Pilipinas (BSP). This time, a more comprehensive approach is integrated and a six-year timeframe is adopted. NSFI is focused on achieving its desired outcomes, which include increased access to finance for startups, MSMEs (Micro, Small and Medium Enterprises), and the agriculture sector by extending monetary support and accelerating loan transactions. The new NSFI also aims to reduce financial inclusion gaps, improve financial health and resilience while establishing more financially capable and empowered consumers.
According to the Department of Trade and Industry’s (DTI) 2020 MSME Statistics, MSMEs account for 99.51% of all businesses, with combined Wholesale and Retail trade; and Repair of Motor Vehicles and Motorcycles dominating at 46.74%, followed by Other Industry Sectors (composed of Arts, Entertainment and Recreation, Information and Communication, Administrative and Support Services, etc.) accounting for 16.23%, Accommodation and Food Services taking up 14.07%, Manufacturing at 11.6%, Other Service Activities (such as Human Health and Social Work Activities, Personal Services for Wellness, Repair of Personal and Household Goods, etc.) take up 6.55%; and the remaining 4.78% is made up of Financial and Insurance Services.
SAPCO recognizes the importance of MSMEs in the Philippine economy and is dedicated to assisting prospective entrepreneurs in their endeavors. Over the course of their years of service, they have worked with over a hundred entities, including both local and international businesses that operate in the country, to provide accounting and legal amenities. As the government shifts its focus on MSMEs, startups, and the agriculture sector for financial inclusion, SAPCO strengthens its commitment to providing quality services for the aforementioned industries. SAPCO. is a one-stop shop for everything from business registration to contract changes, fund monitoring, executive search and employee recruiting, payroll processing, and advisory services to bookkeeping and tax compliance. This allows business owners to concentrate on their core competencies while SAPCO takes care of their regulatory obligations.