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Politics

REDUCE RENTAL RATES OF MSMEs BY 50% – PIMENTEL

Senator Koko Pimentel III is appealing to commercial lessors to reduce by up to 50 percent the rental rates of all bona fide micro, small and medium enterprises (MSMEs) as a way to stimulate the country’s economic recovery.

This came after both government and private sectors step up measures to help alleviate the effects of the coronavirus disease 2019 (COVID-19) pandemic, and following the initiative of some mall operators and businesses to waive rental fees during the two-month enhanced community quarantine.

“It would be a great relief to our small businesses if we lower the rate of their monthly rentals by up to 50%.”

“I am appealing to all kind-hearted landlords to help our MSMEs in combatting the economic effects of the pandemic. It would be a great relief to our small businesses if we lower the rate of their monthly rentals by up to 50%. Marami na ang nawala sa kanila at malaki na rin ang nalugi nila. Tulungan naman po natin silang makabangon pa,” Pimentel expressed.

The veteran legislator, who chairs the Senate Committee on Trade, Commerce and Entrepreneurship, said that his office has received information that many businesses cannot reopen yet due to fear that their expected profits will not be enough to cover rental fees.

“Our MSMEs comprise a whopping 99.52% of all businesses in the country.”

“Our MSMEs comprise a whopping 99.52% of all businesses in the country. If we want to revive our economy, let us give life to our MSMEs again. They need to reopen to provide employment to our kababayans. And to our willing and able lessors, we should also share in carrying their burden so that we can recover and heal as one nation,” the seasoned lawmaker stressed.

According to the latest data of the Department of Trade and Industry, majority of the MSMEs can be found in the National Capital Region with 203,312 (20.36%) business establishments, Region IV-A with 148,196 (14.84%) and Region III with 116,073 (11.63%). It can be recalled that these are some of the regions in the country that are severely hit by the COVID-19 pandemic.

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