Financial Management Capability Building of the Food Service Industry in La Trinidad, Benguet

Abstract

This study was conducted in La Trinidad, Benguet to find out the various measures adopted by the food service enterprises in building capacity for financial management, sources of the food service enterprises for financial management capability building, specific topics or areas in financial management capability building that is resorted to by the food service enterprises, planning and monitoring of financial management capability conducted, and the financial management capability building activities by size of enterprise. A total of 40 food enterprises were surveyed and the results show that there are 27 enterprises who undertook financial management capability building activities. The measures adopted in terms of financial management capability building by the food enterprises in La Trinidad were training and seminar, and coaching and mentoring. The enterprises use owner’s equity and savings as their sources of fund. The specific topics implemented in relation to financial management capability were money management, measuring financial capability in low and middle income settings, and savings and investment. Planning for cash and budget were also implemented. Monitoring of staff time and recording of expenses were included. Lastly, as to the comparison of activities by size of industry, small enterprises engaged more on coaching and mentoring, while medium enterprise engaged more on training and seminar.