Micro, small and medium enterprises (MSMEs) have been identified as the backbone of global economy (Bloem, 2012; Dano-Luna, Canare& Francisco, 2018). This fact is true in a developing country such as the Philippines. The Philippine Senate Economic Planning Office (2012) noted that MSMEs are very essential to the economy as it is linked with the creation of jobs, innovation and wealth. Specifically, they are attributed with the boost of economic progress in rural areas, the provision of support services to large enterprises and the formation of new entrepreneurs and large corporations (Senate of the Philippines, 2012). As such, MSMEs are crucial partners for the realization of the fullest economic potential and growth of the Philippines. This is to say that MSMEs play a key role in the maintenance of the cooperative and competitive advantage of the Philippines in the ASEAN integration and in the global market.

Social capital is formed from individual abilities through the social investment that contributes to value creation where individuals feel a sense of membership and commitment through their social interactions and relationships. This study aims to explore the application of social capital to women's organizations. It further explores the net social value of women's organizations and the women members to determine social capital's role as a means for value creation. At these ends, the mixed method was employed by combining qualitative and quantitative data gathering approaches. The study used key informant interviews among 11 women's organizations in Baguio City and Benguet, where a total of 284 women members were interviewed. The result of the talks was subjected to semantic analysis and net present social value analysis. The results reveal that women's organizations reflect the dimensions of social capital and bring a significant contribution to members' lives. The findings imply that women members are duly recognized in their organizations, and each member expects to receive a positive value of the social benefit. Hence, women's organizations are the embodiment of social capital that contributes to women's value creation and empowers their members to maximize their capacities.