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Micro businesses in the Philippines can be defined according to the size of assets, size of equity capital, and number of employees. A typical micro business is a business that employs nine people or fewer, with assets of ₱3 million and below. In the Philippines, about 90 percent of all businesses are categorized as micro businesses.
OTOP is a priority stimulus program for Micro and Small and Medium-scale enterprises (MSMEs) as government's customized intervention to drive inclusive local economic growth. It enables localities and communities to determine, develop, support and promote culturally-rooted products or services where they can be the best at or best renowned for.
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO).
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
Handicrafts are the major source of rural income, providing a fairly large share in the small-scale industries of the province. Forestry and papermaking are other sources of livelihood. The manufacture of abacá products such as Manila hemp, hats, bags, mats, and slippers is one of the main sources of income in the rural areas.
Agriculture in the Philippines is a major sector of the economy, ranking third among the sectors in 2022 behind only Services and Industry. Its outputs include staples like rice and corn, but also export crops such as coffee , cavendish banana , pineapple and pineapple products, coconut , sugar , and mango . [ 1 ]
Agriculture is the main industry in Albay, which produces crops like coconut, rice, sugar and abacá. Handicrafts are the major source of rural income and comprises a fairly large share in the small-scale industries of the province. Forestry, cement production and paper-making are other sources of livelihood.
According to the Small Business Administration, a microenterprise or microbusiness is defined as a business with 1-9 employees. They are the most common type of business. As a subcategory of small businesses, with sales and assets valued at less than $250,000 per year, they generally have less than five employees, including the owner.