”Now, there’s a saying that if by the third year you have not turned a profit, that’s not a business, it’s called a hobby,” quipped Professor Solomon Lumba, Associate Dean and Director of the UP Institute of Government and Law Reform (UP IGLR). With a touch of humor, the Director encapsulates the essence of the event—to make the business of the MSMEs not just a hobby but a business that is both resilient and ready through sustainability.
The UP IGLR, through its SAFER Growth program, and in partnership with the Securities and Exchange Commission and The Purpose Business successfully hosted a capacity-building activity entitled, Resilient & Ready: Making Sustainability Work for MSMEs last October 18, 2024 at the Malcolm Hall Theater of the UP College of Law.
Participants coming from various MSMEs, businesses, cooperatives, non-government organizations, interest groups, academic institutions and other sectors joined the capacity-building activity as they listened to the experts—Pat Dwyer, the Founder and Director of The Purpose Business (TPB) and Commissioner Rogelio V. Quevedo of the Securities and Exchange Commission (SEC)—delving into various aspects of sustainability from its core concepts and specific details on sustainability reporting.
Pat Dwyer, who is a respected sustainability expert, enthusiastically kickstarted the event with a dynamic question and answer opener with the participants, asking everyone their reason for attending. One attendee with a start-up business in manufacturing answered, “Para madagdagan ang aking kaalaman sa business.” Another responded with the same tune, saying that it was her first time venturing into business, hoping that the event would springboard her journey in her chosen industry. With this novice crowd, Pat made the lecture engaging and beginner-friendly, laying down the foundation beneath the sustainability movement in the business industry.
She then ended her talk on a high note, encouraging everyone to discover the power within MSMEs and how they could be the drivers for change and the architects of a future that is both resilient and ready.
Commissioner Rogelio V. Quevedo, similarly, gave an insightful presentation on the topic of sustainability but tackled a more technical aspect which is sustainability reporting. The Commissioner’s lecture was a glimpse into the SEC’s vision of requiring sustainability reporting not just for publicly listed companies but even for MSMEs in the country. By familiarizing the attendees with this upcoming regulation, Commissioner Quevedo aimed to give them a headstart in preparing for this requirement.
The discussion took a more compelling turn as participants raised concerns about the potential costs of the new regulation to budding MSMEs. The Commissioner, in response, suggested a change in the frame of narrative.
He encouraged the participants to focus instead on the potential benefits of these regulations suggesting that the benefits would outweigh these costs considering sustainable practices are becoming increasingly essential for businesses to thrive in today’s market. For example, he mentioned that businesses with strong sustainability credentials often have better access to investments and financing.
“Kailangan natin alisin ang mindset na additional cost lang ito. We have to be educated, convinced na yung sustainability efforts actually enhance the value of our business,” said the Commissioner, calling the MSMEs to action, to venture into sustainability practices, and thereby making their businesses future proof—resilient and ready.