{"id":18819,"date":"2024-05-18T03:01:53","date_gmt":"2024-05-18T03:01:53","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/insufficient-expertise-and-resources-hinders-sustainability-in-philippines-smes\/"},"modified":"2024-05-18T03:01:53","modified_gmt":"2024-05-18T03:01:53","slug":"insufficient-expertise-and-resources-hinders-sustainability-in-philippines-smes","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/insufficient-expertise-and-resources-hinders-sustainability-in-philippines-smes\/","title":{"rendered":"Insufficient expertise and resources hinders sustainability in Philippines SMEs"},"content":{"rendered":"
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With the increasing number of companies becoming sustainable, many small and medium enterprises (SMEs) in the Philippines were left behind due to a lack of expertise and resources.<\/span>\u00a0<\/span><\/p>\n

\u201cMany probably do not care a lot about sustainability reporting, and it\u2019s easy to understand why. Unlike bigger organizations, most SMEs lack the time, knowledge, and resources to grapple with such extensive problems like climate change or social prejudice,\u201d the Association of <\/span>Certified Public Accountants in Public Practice (ACPAPP)<\/span><\/a>, said in an article on SMEs\u2019 journey for sustainability.<\/span>\u00a0<\/span><\/p>\n

Further, ACPAPP mentioned that the most popular way to present sustainability to SMEs is by promoting it as a cost-effective opportunity rather than compliance.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cPractices such as energy conservation, waste recycling, using energy-efficient equipment, solar power, and water-saving mechanisms help keep costs down and have proven to be more cost-effective than the usual energy use. SME accountants can use their role as financial advisers to encourage SMEs to adopt these practices by pointing out the quick gains a business can achieve over the years through efficiency,\u201d the association claimed.<\/span>\u00a0<\/span><\/p>\n

The<\/span> Securities and Exchange Commissioner Javey Paul Francisco<\/span><\/a> also affirmed last March 24 that sustainability reporting is more than just compliance. It is a long-term investment for business, society, and the environment.<\/span>\u00a0<\/span><\/p>\n

In 2022, the <\/span>Philippine Statistics Authority (PSA)<\/span><\/a> recorded 1,109,684 businesses in the country, with 99.59% or 1,105,143 categorized under micro, small and medium enterprises (MSMEs).<\/span>\u00a0<\/span><\/p>\n

PSA <\/span><\/a>defined MSMEs into two categories based on asset size and number of employees.\u00a0<\/span>\u00a0<\/span><\/p>\n