Micro, small and medium enterprises (MSMEs) advocate James Christopher Napoles lauded business owners from Taytay, Rizal for their significant contributions to the Philippine economy.

“Don’t be shy, as you’re limiting the potential income you could earn,” Napoles told MSME owners during the latest Asian Innovation Forum (AIF), encouraging them to embrace new selling opportunities.

The AIF is an undertaking of DAILY TRIBUNE with private partners Maya and Cebu CFI Cooperative and the Small Business Corporation (SBCorp) of the Department of Trade and Industry.

Taytay is known for its thriving ready-to-wear industry.

Napoles urged business owners to look beyond Taytay to gain fresh insights and ideas that could be implemented in their own businesses. He shared valuable strategies for business growth, emphasizing the importance of product expansion and customer acquisition techniques.

The businessman highlighted how the retail landscape in the Philippines was transformed during the Covid-19 pandemic, with many physical stores closing, prompting business owners to pivot to online shopping and live streaming as alternative sales channels.

Maya and SBCorp also took part in the event, focusing on the technical aspects of business growth, particularly the loan options available to MSME owners.

SBCorp showcased its flexible loan offerings, explaining that their loans were accessible even to business owners with outstanding government debts.

Jaynie Pajarillaga, SBCorp’s public relations officer, highlighted the advantages of government-backed loans for MSME owners.

Maya, on the other hand, introduced new business expansion opportunities such as load businesses and offering cash-in and cash-out transactions through the Maya app.

Joms Ramirez II, regional business head for NCR at Maya, shared how business owners could move funds across different banks and mobile applications with minimal fees.

According to the United Nations Development Program, MSMEs are considered the backbone of the Philippine economy.