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Firms urged to adopt inclusive business model
Monday, 11 September 2017

Filipino companies are encouraged to adopt inclusive business (IB) models through integrating the low-income communities and micro entrepreneurs to the value chain to allow them to contribute to the growth of the region.

During the ASEAN Inclusive Business Summit here, Trade Secretary Ramon Lopez stressed that inclusive business is not just about helping small players, as big companies also benefit from partnerships such model creates.

“By engaging low-income community as partners, customers, suppliers or employees in the value chains, IBs can transform communities into new markets and new sources of entrepreneurial talent. IBs go beyond philanthropy and invest in addressing the problems of the poor because it makes good business. As we say, doing good is good business,” he said.

Lopez said companies can integrate the poor, marginalized, farmers, cooperatives and micro, small and medium enterprises (MSMEs) as part of their business operations.

He called on the corporate sector to implement their business strategies and develop inclusive business models.

Meanwhile, the trade chief bared the government has included inclusive business models among the new investment priority activities under the Investment Priorities Plan (IPP) that may qualify for incentives.

“Taking IB under its wing, the BOI (Board of Investments) will lead the evaluation of IB projects in sectors of agri-business and tourism,” he said.