MANILA, Philippines - A sari-sari store or convenience store may be the most common business in the Philippines.
With at least one sari-sari store to be found in almost every neighborhood, it is not a surprise that many individuals rely on such for their income.
In line with its advocacy of educating Filipinos to protect and maximize incomes, Sun Life Financial Philippines Foundation has partnered with MicroVentures Inc. to implement a program that would help sari-sari store owners better manage their business and finances.
MicroVentures is behind the Hapinoy Store Program which aims to help sari-sari stores become more profitable and sustainable by aggregating them to get bulk product discounts. It provides the products being sold by the sari-sari stores.
“Why did we choose to partner with MicroVentures? It focuses on empowering challenged families and Sun Life focuses on protection of savings. We see a perfect fit,” Sun Life Financial Philippines Foundation executive director Veron Estrella said.
The program involves the conduct of seminars to hone the entrepreneurial skills of store owners, as well as strengthen relationships between spouses who are also business partners.
Sun Life Financial Philippines Foundation has extended P1.7 million to fund the program, while MicroVentures will conduct the seminars for two years.
One of the seminars being conducted under the program is the Sari-Sari Store Negosyo Training Program which involves a one day training of store owners on basic store operations and cash flow management.
MicroVentures Foundation executive director TJ Agulto said this seminar equips sari-sari store owners with tools that can help them better manage their store.
“The problem with sari-sari stores is not setting it up but how to keep it open,” he said citing that some consumers get goods but give payments at a later date, as well as the lack of a record-keeping system.
The seminar has so far been conducted in Bulacan, Quezon and Sorsogon.
Another seminar being conducted by MicroVentures under the partnership is the Community Stores Continuing Education Program which helps store owners grow their business through ensuring regular record-keeping as well as teaching how to sell products which have higher margins or are unique to the store such as home-made food bread and candies.
The third seminar is called Masaya at Masaganang Pamilya, which aims to strengthen the relationship of the store owner and the spouse.
The seminar allows store owners and their spouses to align their expectations such as plans and financial goals for the family and identify the role of each family member in fulfilling the vision.
Agulto said 25 couples are undergoing the seminar and these participants are starting to work on their targeted savings to avail of a particular life insurance for their family.
“The way it works, they commit to save a fixed amount per day and they have to take note of the amount they actually save,” he said.
Participating couples in the seminar are from Camarines Sur, Laguna and Bulacan.
Maribel Tolentino, one of the participants of the program in Plaridel in Bulacan said the seminars have enabled her as well as her husband to better manage their store.
“Dati hindi kami nagrerecord ng mga ginagastos at pumapasok na pera. Nalaman namin na mali pala iyon kasi nagagastos na pala namin ang capital,” she said.
She said her family was heavily indebted before since they had to pay for the loan used to open their store as well as their suppliers even when their sales were weak.
After attending the seminars though, her family has started saving P50 on a daily basis and another P20 to be used to pay the loan extended to her family and to get an insurance policy.
Saving has become a priority of the family in order to settle their debts and have sufficient funds to be used for their business.
Tolentino said all the family members are closer to one another as they have also learned it is important to talk about problems in order to address them.
Agulto said that after the seminars, MicroVentures arranges follow-up meetings with participants once a month to check how the businesses are and if they are able to fulfill their commitment to save.
Estrella said the foundation is planning to review the results of the program after a year to determine if it could provide a new grant to extend it and reach more people.