CHAPTER 6

SOCIO-ECONOMIC STUDY

Businesses are the main driving forces in the company of the economy of a
country. They generate income from which the government derives taxes for the
processes that stimulate the economic processes that keeps the country going. When
undertaking for a business one should consider not only the profit but also social and
economic benefits it will give. It is notable if a business is established also with the
welfare of the people in the community in mind rather the increase of the wealth of the
investors alone.

Objectives of the Study
The main objectives of the study are to identify the benefits of the business to the
continuity and its social role for the economic growth of the nation.
1. To improve the standards of living of the community by providing quality
service and employment.
2. To understand how the business can contribute to the government revenues
through tax collection payments.
3. To support local economy by using local materials to aid local producers in
the country.
4. To understand how to contribute in preserving the environment.

Employment and Income
The Genesis is a service business focusing and providing high end gaming
experience. It is only a medium-scale business and would hire four employees for the
start. This business aims not just only the profit but also seeks to provide employment
opportunities for the unemployed members of the society and to develop their skills. It
increases the standards of living by providing employment and income to cope for
everyday needs. This business endeavor will provide employment to the envisioned area
where the project will be established since it will hire three employees. Thus, the
community where this venture will be put up will be benefited and will somehow reduce

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the rate of unemployment in that society. The business will assure to offer good quality
and excellent service at reasonable price.

Taxes
The Genesis is a non-vat registered service firm. It will pay taxes in the form of
percentage and business tax. This business is committed to help our government by
paying the correct and appropriate taxes on or before the required deadline of the
government. It is mandated to pay Government Licenses and Taxes (to the barangay and
Manila Government) and BIR (Annual Income Tax Return, filing fee & annual fee).

Use of Commodities and Supplies
The gaming computers to be used by the firm will be provided by the Gilmore IT
Center and they will be the supplier of the business needs such as computer parts for
maintenance and for its daily operation. It is Filipino firm in the field of proving
computer services particularly in gaming aspects.
Genesis highlights on availing the services of Filipino owned firms to enable
them to succeed despite of the rising numbers of foreign companies in the market. By
means of Genesis, they will put on an additional income, which will give them an
advantage over competition. If the business will be paying taxes in the Manila City, the
suppliers also pay similar taxes in their respective places of business. It is not only the
City of Manila that will be benefited from the operation of Genesis but also other places.
The taxes that will be paid by suppliers can aid in promoting the welfare of the
constituents of Manila by increasing the governments capacity to provide basic services.

Environment
In preserving the environment, Genesis is able to preserve the environment by
selling the fully depreciated computers Gilmore IT Center that will be used to repair
defected computers and resell back to willing customers.