In celebration of the Micro, Small, and Medium Enterprises (MSME) Month this July, Senator Loren Legarda has filed the proposed ‘Pangkabuhayan Act,’ a bill aimed at simplifying access to government financing and livelihood programs, leveraging technology and innovation to encourage more Filipinos to start their own businesses and support the growth of existing ones.
“The future of MSMEs is anchored on our ability to innovate. By simplifying and strengthening support systems, and taking advantage of technology, we provide more opportunities for Filipinos to start and sustain businesses, we nurture an efficient and competitive economic environment, and we promote sustainable and inclusive growth,” Legarda said.
“The future of MSMEs is anchored on our ability to innovate.”
The proposed ‘Pangkabuhayan Act’ seeks to establish a centralized assistance portal or Sustainable Livelihood and Entrepreneurial Development Centers (SLEDs) in every rural municipality that will function as one-stop hubs for training, business registration, technical support, and access to financial assistance and other services for MSMEs, with priority given to the most economically depressed areas.
“Compared to larger enterprises, our MSMEs are more susceptible to changes in our economy, which would also affect their capability to employ and expand. I hope that the passage of the proposed ‘Pangkabuhayan Act’ will create mechanisms to reduce red tape and regulatory barriers for starting or expanding MSME ventures. With its strong alignment with the objectives of the Philippine Innovation Act, the proposed legislation will also ensure that MSMEs will gain access to digital transformation,” the veteran legislator said.
“With this proposed legislation, we aim that MSMEs will not just be recipients of aid, but will also be enablers of socio-economic empowerment, creative growth and global competitiveness.”
“With this proposed legislation, we aim that MSMEs will not just be recipients of aid, but will also be enablers of socio-economic empowerment, creative growth and global competitiveness,” the seasoned lawmaker added.
The MSMEs account for 99.5% of the businesses in the Philippines and employ over 63% of the workforce.
The lady senator, principal sponsor and author of the Magna Carta for MSMEs and principal author of the Philippine Innovation Act, has long underscored the important role that MSMEs play in generating jobs and alleviating poverty throughout the country.
