SUPPORT FOR MSMEs. House of Representatives Speaker Ferdinand Martin G. Romualdez delivers a speech during the opening ceremony of the National Food Fair spearheaded by the Department of Trade and Industry (DTI) at the SM Megatrade Hall in Mandaluyong City on Wednesday afternoon (July 12, 2023). Romualdez said the House remains firmly committed to helping micro, small and medium enterprises grow to create jobs and income opportunities for the people. (Photo courtesy of Speaker Romualdez’s office)
MANILA – The House of Representatives remains firmly committed to helping micro, small and medium enterprises (MSMEs) grow to create jobs and income opportunities for the people, Speaker Ferdinand Martin G. Romualdez said on Wednesday.
“Dear friends, our mission in the House of Representatives is clear: to equip every Filipino entrepreneur with the necessary tools and conducive environment for success,” Romualdez told entrepreneurs at the opening ceremony of the National Food Fair (Philippine Cuisine and Ingredients Show), spearheaded by the Department of Trade and Industry (DTI), at the SM Megamall in Mandaluyong City.
“As the Speaker of the House, I pledge my commitment to this mission, confident that our collective efforts, our entrepreneurs' resilience, and the Filipino people's support will ensure its realization. Let’s celebrate the invaluable contributions of our MSMEs and envisage a future where they stand at the helm of our nation’s prosperity,” he said.
Romualdez said the House recognizes the crucial contribution of small businesses to the economy, and thus, its legislative agenda is geared towards the empowerment and growth of MSMEs, and working relentlessly to create a level playing field for all businesses.
“Our initiatives – simplified business registration, tax reform, affordable financing, and digital infrastructure investment – reflect this commitment. We are convinced that reducing these barriers will unlock our MSMEs' full potential, fostering their growth, and furthering national progress,” he said.
Romualdez pointed out that the House has passed several measures and is considering the approval of other proposals, meant to help small businesses, such as the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act and House Bill 1171, or the “One Town, One Product (OTOP) Act.”
He said these are aligned with the policy of the administration of President Ferdinand R. Marcos Jr., noting that the Chief Executive has allocated PHP1.2 billion in the 2023 national budget to support programs for MSMEs.
The GUIDE Act, which is co-authored by Romualdez, obligates government financial institutions, such as the Land Bank of the Philippines and the Development Bank of the Philippines (DBP) to assist small businesses and “strategic” companies.
For this purpose, the bill seeks to increase the DBP’s capitalization from PHP35 billion to PHP100 billion, and allocates PHP7.5 billion to Landbank and PHP2.5 billion to DBP for lending to small enterprises.
On the other hand, the OTOP bill aims to “assist MSMEs in developing innovative products, enhancing quality, design, packaging, compliance, marketability, production, and brand development.”
Meanwhile, he thanked the organizers of the National Food Fair and encouraged efforts to kindle the entrepreneurial spirit of Filipinos.
“As we indulge in the diverse offerings of this event, let us acknowledge that it is the entrepreneurial spirit and resilience of these enterprises that truly enrich our nation,” Romualdez said. (PNA)
