Senator Bam Aquino is seeking increased funding and stronger government support for micro, small and medium enterprises (MSMEs), calling them the backbone of the Philippine economy.
In a statement on Thursday, Aquino noted that MSMEs account for 99 percent of all registered businesses in the country and should receive greater assistance to help them grow and create more jobs.
The proposal is part of his five-point legislative agenda, which includes reducing regulatory burdens for MSMEs, promoting high-growth industries, establishing a farmer and MSME support and voucher program, and developing the country’s creative economy.
Aquino also called for amendments to the Magna Carta for MSMEs and the Go Negosyo Act of 2014, which he authored and sponsored during the 16th Congress, to better reflect the country’s changing entrepreneurial landscape.
He said the laws should be updated to improve the definition of MSMEs and expand their access to capital and microinsurance.
Aquino said helping MSMEs thrive would generate more jobs, strengthen local industries, and allow more Filipino families to benefit from economic growth.
As part of his agenda, Aquino also vowed to strengthen the country’s creative economy by expanding opportunities for Filipino artists, creators, filmmakers, designers, animators, game developers, graphic artists, writers, and other creative professionals in the global market.
“Mayroon pong renewed interest in Filipino culture, food, and creativity, kaya kailangan po nating suportahan at tulungan ang industriya na ito (There is a renewed interest in Filipino culture, food, and creativity, that’s why we need to support and help this industry),” Aquino said in a statement.
He also proposed creating a government agency dedicated to supporting and promoting the country’s creative industries, similar to South Korea’s Korea Creative Content Agency (KOCCA).
Aquino also sought the establishment of a government procurement and voucher program that would allow local farmers and MSMEs to directly benefit from the government’s more than PHP300 billion assistance budget by integrating them into the supply chain for various government programs.
He pledged to push reforms to strengthen high-growth industries such as information technology and business process management (IT-BPM), semiconductors and electronics, shipbuilding, and the blue economy.
Aquino said he would also work to reduce bureaucratic hurdles that slow down small businesses, including regulatory concerns involving the Bureau of Internal Revenue, the Food and Drug Administration, and the Bureau of Fire Protection.
He said urgent reforms are needed to lower the cost of doing business and make it easier for MSMEs to operate. (PNA)
