John Lloyd De Los Reyes

What can the government do to help entrepreneurs in the Philippines?

Government and business are intricately intertwined, with the acts of one often having
consequences for the other. It is in the government's best interests to maintain the economy strong
by, among other things, creating a welcoming climate for small and big firms. As a result, the
government has a variety of measures at its disposal to support economic activity across the
economy or in individual areas.
To start, the government can help entrepreneurs in the Philippines by giving tax incentives.
Aside from the age-old notion that lower corporate income taxes boost economic activity, the
government has various tax tools at its disposal to support certain industries. Tax incentives for
particular sorts of firms, or breaks for consumers who buy from certain industries, may provide a
significant boost to emerging nations. The commercial and residential solar power industries are
great examples of this. Tax incentives encourage entrepreneurs to launch new solar power
enterprises, while buyer incentives encourage small businesses and households to buy solar
equipment.
Second is providing contract work to private companies, when government agencies contract
with private enterprises to execute government functions, they actively stimulate commercial
activity. Counties, for example, can contract with third-party road pavers, snow plows, and towing
services rather of establishing internal divisions to handle these tasks. Contractors are employed at
the federal level for war-zone logistics and intelligence processing, among other things.
Lastly, giving grants, loans and disbursements. The government has access to an entire
population's worth of individual and business tax money and may use that money to impact change
across the economy. Direct loan and grant programs for entrepreneurs are one approach to use tax
resources to boost company growth. Another option, according to America.gov, is to finance
organizations and programs like the Small Business Administration, which help start-up businesses.
Unemployment and other federal aid payments mean that a huge number of people have enough
money to pay their obligations, leaving them with additional discretionary cash that is often spent on
business.

Explain briefly the role of entrepreneurship in economic development.

Entrepreneurship is vital for a variety of reasons, including encouraging social change and
fostering innovation. Entrepreneurs are generally regarded as national assets to be nurtured, driven,
and rewarded to the greatest extent possible. Indeed, some of the most developed countries, such
as the United States, are world leaders as a result of their forward-thinking innovation, research,
and enterprising individuals. Great entrepreneurs have the power to transform the way we live and
work on a local and national scale. If they are successful, their ideas may raise living standards and,
in addition to earning money via entrepreneurial endeavors, they will also generate employment and
contribute to a developing economy. Entrepreneurs also contribute to promote change via
innovation, where new and better goods allow the development of new markets.

Present the impact of globalization/liberalization on Small Scale Industry/Small Businesses

in the Philippines.
First, is having the access to the global market. Having one of the most significant effects of
globalization on small companies is that every company with an Internet connection now has
access to the worldwide market. It used to be that if you didn't have this connection, you couldn't
reach customers and suppliers halfway across the globe. Every customer can now go into their
pocket, take out their smartphone, and access the items or services you're attempting to offer. This
may significantly raise the income of any small firm above and above what it could create prior to
globalization. Second is competition, as globalization continues to accelerate, an increasing number
of businesses enter the market. Because of the previously stated accessibility, there is a lot more
rivalry for small enterprises all around the globe.
There will very certainly be ten other firms providing comparable items to the one you are
attempting to market. This implies that businesses must now increase the quality of their goods
while also lowering their pricing in order to remain competitive. Otherwise, due to the high level of
global competition, companies risk being forced out of the market. To stay ahead of the competition,
keep an eye on the foreign exchange headlines and other financial news channels. Lastly,
everything has grown more equal as a result of globalization. The Internet provides any business
with access to marketing tools, business information, and everything else they need to compete with
bigger and more established enterprises. That's one of the reasons Uber and other internet
companies grew so quickly. The business world is much more egalitarian today, allowing tiny
enterprises to achieve fame where they previously would not have been able to.