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The PIDS (Philippine Institute for Development Studies) has released a study asserting that the country needed to develop policies which would enhance social enterprises. Marife Ballesteros and Gilberto said in the study that social enterprises could help decrease the distance between economic growth and people living in poverty.
They believe that social welfare, economic development and encouraging investors can help communities be more economically self sufficient. The United Nations has a program to help countries develop more business and sustainable economies.
A survey done in 2013 by the Institute for Social Entrepreneurship in Asia estimates that there are around 30,000 businesses in the Philippines. There is a bill pending in Congress that would help these enterprises.
The types of help would include tax exemptions, special credits, financial help for these companies. This bill would also include Government support in the form of informational assistance. Another aspect of the bill provides incentives for businesses that hire people with disabilities.
Ballesteros and Llanto maintain that unlike other laws this bill would not exempt companies from paying minimum wage. The new bill faces a few hurdles.
One problem is that it doesn't accurately define the difference between businesses that are for profit and those that are not for profit. There is also a question of whether there would be conflicts between the private and Government interests.
The Authors of the study that this bill can enable businesses to thrive. They state that the Philippines has the necessary ingredients for businesses to expand and help end poverty.
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