Small businesses are the backbone of the Davao City economy. They employ over 60% of the city’s workforce and generate over 50% of the city’s GDP. Small businesses are also responsible for creating new jobs and driving innovation.
There are many reasons why small businesses are so important to Davao City:
- Small businesses are more likely to hire local workers than large businesses. This means that small businesses help to keep money circulating in the local economy.
- Small businesses are more likely to innovate than large businesses. This is because small businesses are more nimble and can adapt to change more quickly.
- Small businesses are more likely to give back to the community than large businesses. This is because small business owners are often more connected to the community and want to make a difference.
There are a number of things that can be done to support small businesses in Davao City:
- The city government can provide tax breaks and other incentives to small businesses.
- The city government can make it easier for small businesses to get loans and other financing.
- The city government can provide training and other resources to help small businesses succeed.
By supporting small businesses, Davao City can create a more vibrant and prosperous economy. Small businesses are the engine of growth, and they deserve our support.
To register your business name, visit official DTI guidelines!
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