Status of Financial Management Systems of Micro Businesses in Ilocos Sur

Abstract

The purpose of the study was to assess the status of micro businesses along with financial management and the outputs and impacts of micro-enterprises in the province of Ilocos Sur. A survey questionnaire and unstructured interview were administered to One hundred eighty-two (182) business owners/managers, one hundred seventy-eight (178) personnel/workers, and one hundred (100) clients from the different cities and municipalities of Ilocos Sur. The study's findings revealed that the managers/owners of the micro businesses in Ilocos Sur are on their middle Age, females, married, bachelor's degree holders, members of the organization, and have attended training/seminars and programs. The personnel/workers of the micro businesses in Ilocos Sur are below 30 years old, female, married, hired regularly, college graduates, members of organizations, and have attended training/seminars and programs. The micro-business in Ilocos Sur has existed for five years and below, into merchandising, and sole proprietorship, have employed 5 to 10 workers, with an initial capital of Php. 500,000.00 and below and generating an average annual sales of 150,000 and below. Results showed that the financial management status of micro-businesses in Ilocos Sur is Moderate, which means that a few financial management systems were practiced. There are pressing problems with the micro-enterprises in Ilocos Sur and Financial Management. Results showed a significant relationship between the status of micro-enterprises in Ilocos Sur and micro-enterprises profile along with manager/owner-related factors, personnel/worker-related factors, and business-related factors