Unlike other success stories, what triggered this city's economic boom was not the entry of huge capitalists or the influx of major investments. The small, homegrown ventures helped spur growth in this southern city.
Several local companies that pioneered the tuna fishing business may have evolved into multimillion-peso industries but behind them stand the resilient core of micro, small and medium enterprises (SMEs) that helped build what is now the "Tuna Capital of the Philippines."
For many years, Edgar Soguilon, DTI's senior trade and industry development specialist said , the local tuna industry was largely dependent on canned, fresh and chilled tuna products for exports. Tuna landings usually find their way to canneries based in the city and tuna exporters that ship raw products to various markets abroad.
About five years ago, some firms such as Pescarich Manufacturing Corp. started to venture into other products such as the tuna fillets and smoked tuna cubes. A number of small ventures later started the production of finished goods like tuna sausages, burgers, embutido, siomai, chorizo and even tuna fish roll. Mr. Soguilon said these products have quickly established their own niche in the international market and are now raking in a substantial earnings.
"The evolution of the tuna industry has relied much on the development of our SMEs. Their unrelenting drive to develop new products have created better opportunities for the industry," he said. Homegrown tuna firms like TSP Marine Industries and A&J Seafoods and Marine Products are beginning to penetrate the international market, particularly China, Europe and the Middle East.
Mr. Soguilon said the SMEs practically kept the local economy afloat despite the peace and order problems that hit the area over the last few years. "The resiliency of our SMEs and their ability to rebound fast has maintained our economic activities surging," he said. This city and neighboring areas were hit by a series of terror attacks and other criminal activities, such as bombings and kidnappings.
Source: Business World