Sy-Coson banks on small firms amid slowdown
PRESIDENT Ferdinand R. Marcos Jr. leads the bell-ringing ceremony at the Philippine Stock Exchange in Taguig City on July 1, 2025, marking the implementation of the Capital Markets Efficiency Promotion Act (CMEPA). This landmark law slashes the stock transaction tax from 0.6% to 0.1%, significantly boosting the competitiveness of the Philippine market within the ASEAN region. The President was joined by key figures including Sen. Sherwin Gatchalian, OSAPIEA Sec. Frederick D. Go, Finance Sec. Ralph Recto, PSE Chairman Jose T. Pardo, PSE President and CEO Ramon S. Monzon, Ma. Vivian Yuchengco, Retired Chief Justice Teresita Leonardo-De Castro, Atty. Marilyn Victorio-Aquino, and business tycoons Hans Sy, Tessie Sy Coson, Ramon Ang, among others.
Photo by Yummie Dingding for DAILY TRIBUNE
As the Philippine economy grapples with slowing growth and rising costs, business magnate Teresita “Tessie” Sy-Coson sees an unlikely source of strength in the country’s smallest enterprises, betting that more Filipinos turning to entrepreneurship could help sustain economic activity.
The SM Investments Corp. vice chairperson said micro, small and medium enterprises (MSMEs) remain a vital pillar of the economy, providing livelihoods and business opportunities even when economic conditions become less favorable.
“When the economy is not very, uh, not as comfortable as we want it to be, uh, the small businesses are the—are the way to go,” Sy-Coson said during an inclusive growth summit on Wednesday.
She stressed that entrepreneurship could provide an alternative income source for Filipinos facing limited employment opportunities, while helping develop the next generation of major businesses.
Sy-Coson said the importance of small enterprises is deeply rooted in the SM Group’s own beginnings, having grown from a modest shoe business into one of the country’s largest conglomerates.
“Micro and small businesses are really the foundations of our business, whatever business we’re in,” she said.
To help smaller enterprises scale up, Sy-Coson said SM continues to provide entrepreneurs with access to established retail markets through MSME fairs and other activities across its malls.
The arrangement allows entrepreneurs to focus on improving their products and generating sales while benefiting from the group’s existing customer traffic.
“So, it depends on how they develop their products, and many of them become our tenants,” she said.
The group is also extending financial services to underserved communities through BDO Network Bank, which Sy-Coson said now operates about 600 branches, largely in remote areas where access to formal banking remains limited.
The network provides banking transactions and loans, including financing for MSMEs, to help smaller businesses establish a foothold and eventually expand.
Looking toward the wider ASEAN market, Sy-Coson said Filipino entrepreneurs must also become more aware of regional opportunities, competition, and emerging technologies, including artificial intelligence.
She said that market knowledge is just as important as access to capital in helping smaller enterprises compete and grow.
Despite the challenging economic outlook, Sy-Coson remained optimistic that today’s small entrepreneurs could eventually become tomorrow’s major industry players.
“I would encourage a lot of people to go into business,” she said.