This study aimed to determine the level of financial literacy of the select micro and small enterprise owners and business performance. This study utilized a descriptive-causal research design and selected 305 participants using proportionate stratified-random sampling technique. Frequency count, percentage, mean, standard deviation, Kruskal-Wallis, Chisquare, and Multiple Linear Regression are statistical tools used to analyze data collected. The results showed that micro and small enterprise owners have moderate extent of financial knowledge and financial behavior and high extent on the financial attitude. There was an increased change in business performance, as shown in three years of their business operation. It also concluded that educational attainment and business-related training attended were financial literacy determinants. Thus, financial knowledge (p=0.624) of the business owners did not predict business performance of the micro and small enterprises whereas their financial behavior (p=0.040) and financial attitude (p=0.000) predicted the business performance of their enterprises. Proposed action plan was then provided to improve the financial literacy of the entrepreneurs to further enhance business performance of their micro and small enterprises.