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The initiative follows a similar undertaking by the Republic of China, which launched a One Town One Product in 1989 to promote companies in Taiwan. [1] OTOP in the Philippines aims to promote goods and products of Filipino towns, cities, and regions, and provides funding for small businesses.
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.
If you want to start a business but are unsure what type of business is best, check out this list of 20 good small business ideas to help you decide. 1. Virtual assistant
With an estimated 800,000 stores across the country, they hold a substantial portion of the domestic retail market. In 2011, the retail sector, consisting largely of micro, small, and medium-sized enterprises (MSMEs) like sari-sari stores, contributed 13% (₱1.3 trillion) to the Philippines' GDP of ₱9.7 trillion. [citation needed]
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8 Small Business Ideas To Turn Into Dollars. Every small business idea can yield great success if it fills a need. Check out these business ideas that can make you money in 2023: Consultant. Home ...