FINANCIAL MANAGEMENT PRACTICES OF PUBLIC MARKET VENDORS OF LUCENA CITY PHILIPPINES: BASIS FOR BUSINESS SUSTAINABILITY

Abstract

Public Market vendors are micro-entrepreneurs playing important roles in the economic condition of any locality. They created jobs for themselves and for others. The main objective of the study is to determine the financial management practices of public market vendors as a basis for business sustainability. Financial management practices have something to do with the set of common methods or standard operating procedures developed for carrying out business financial activities related to borrowing, budgeting, and savings. The researcher used descriptive and correlational research designs using a self-constructed questionnaire. Data were analyzed using various statistical tools such as Frequency and Percentage distribution, Weighted average Mean and Pearson R. The respondents of the study were one hundred (100) public market vendors of Lucena City, Philippines. The results showed that there is a significant relationship between financial management practices on budgeting on the business’ sustainability, while there is no significant relationship between financial management practices on savings and borrowing on business sustainability. Based on these findings, it is recommended that financial literacy on budgeting be given to the public market vendors as a form of government assistance to help the public market vendor sustain their business operation so as to improve the economic life of the people.