SEN. Bam Aquino said Wednesday that the Senate Committee on Trade, Commerce and Entrepreneurship will prioritize measures benefiting MSMEs, an initiative involving a five-point legislative agenda.
The committee's top priority, he said, is amending the Magna Carta for MSMEs and the Go Negosyo Act of 2014 to reflect the changing business landscape, which now includes online sellers, freelancers, virtual assistants, content creators, startups, social enterprises, farmers, and small food processors. MSMEs account for 99 percent of registered businesses in the country.
Aquino said rising prices of basic commodities, electricity, and fuel make government support for MSMEs more urgent.
“This is our promise to every small business that works hard every day for their families and their employees: The Senate is with you in creating more jobs, more opportunities, and a more prosperous future for every Filipino,” he said.
Aquino said the proposed amendments would expand access to capital, micro-insurance, mentorship, and other support services through Negosyo Centers nationwide.
Aquino called for greater government support for the creative economy, proposing the creation of an agency modeled after South Korea's Korea Creative Content Agency to help Filipino creatives compete globally.
The third priority, the senator added, is the establishment of the Local Farmer and MSME Support and Voucher Program that would enable the government to procure goods directly from local farmers and small businesses through existing assistance programs, creating a more inclusive supply chain.
Aquino vowed to pursue reforms supporting high-growth industries that generate quality jobs, including the information technology-business process management, semiconductor and electronics, and shipbuilding sectors.
He said the committee will hold hearings on regulatory and bureaucratic issues that burden small businesses, including alleged abuses involving Bureau of Internal Revenue letters of authority, delays in Food and Drug Administration approvals, and complaints over unreasonable Bureau of Fire Protection inspection fees.