3 Bills Geared to Help MSMEs Pushed for Approval by DTI Chief

More support for the development of micro, small and medium enterprises (MSMEs) is being pushed for by Trade Secretary Ramon Lopez as recently he called on Congress to pass three crucial bills to institutionalize the development of MSMEs.

The pending legislations are amendments to the Magna Carta on MSMEs, the One Town One Product (OTOP) bill, and the Pondo sa Pagbabago at Pag-asenso (P3) bill.

Proposed amendments to the Magna Carta on MSMEs be passed are geared to extend the mandatory allocation of credit resources to MSMEs. Meanwhile, the OTOP bill will provide local government units (LGUs) with a comprehensive framework on how to holistically assist MSMEs.

Additionally, the P3 bill will significantly improve the access of MSMEs to better financing options by supplying an alternative to the loan sharks they usually approach for aid.

“We are seeing more entrepreneurial Filipinos, and these are the types who are registering their businesses, those professionalizing their businesses. These are businesses which got affected or closed down and have since pivot their businesses to those who probably lost their jobs and decided to start anew with their own business,” expressed Lopez.

So far, the OTOP program has helped over 788 MSMEs while the P3 program has released approximately ₱8.8 billion loans to more than 200,000 borrowers.

Source: Manila Bulletin