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Manila Bulletin devider Philippines devider National devider Big boost to micro, small enterprises on the way with House bill passage

Big boost to micro, small enterprises on the way with House bill passage

Published Mar 21, 2023 08:45 am
The House of Representatives has unanimously approved on third and final reading a measure seeking to establish a sustainable and collateral-free financing program for the country’s micro and small enterprises (MSEs). Normal voting was carried out on House Bill (HB) No.7363, or the “Pondo sa Pagbabago at Pag-Asenso Act,” or simply the “P3 Act,” during plenary session Tuesday, March 21. The voting result was 278-0-0 (yes-no-abstain). The bill aims to provide an affordable, accessible, and simple financing program for MSEs, especially those in the poorest populations and underserved areas. “We believe this measure will greatly help our struggling MSEs still reeling from the effects of the pandemic, who often turn to unscrupulous loan sharks who charged excessive interests for loans,” House Speaker and Leyte 1st district Rep. Martin Romualdez said. “As MSEs employ millions of Filipinos, they need to grow in numbers to employ more workers. This measure seeks to enhance the entrepreneurial spirit of the Filipino by taking out two of their worries, which are high-interest rates on MSE loans and putting up collateral for financing,” he said. HB No.7363, which is a consolidation of nine measures, mandates the creation of the Pondo sa Pagbabago at Pag-asenso (P3) Fund, “which shall be lent out to qualified MSEs under such terms and conditions that will meet the purposes of this Act". The P3 Fund shall be accessible through the Small Business Corporation (SB Corp.) and accredited partner financial institutions (PFIs) such as rural banks, thrift banks, development banks, cooperative banks, cooperatives, non-stock savings and loan associations, microfinance non-government organizations, or lending companies. “The SB Corp., the financing arm of the Department of Trade and Industry (DTI), shall be the lead implementing agency for the P3 Fund,” the measure reads. According to HB No.7363, the SB Corp. shall handle the fund delivery to MSEs through the following modes: 1.) Direct lending for forty percent (40 percent) of the P3 Fund; and 2.) Lending through accredited PFIs for sixty percent (60 percent) of the P3 Fund. “The SB Corp. shall prioritize lending to underserved and unserved areas and MSE segments of the country, subject to the review and approval of the Micro, Small, and Medium Enterprise Development (MSMED) Council,” it added. The main features of the P3 Fund include low-interest rates and no collateral requirements for MSE loans. “The effective interest rate to be imposed on the loan availed of by the P3 Fund beneficiaries shall not exceed one percent (1%) per month for direct lending, and shall not exceed two and a half percent (2.5%) per month for lending through accredited PFIs,” the measure said. “The initial amount for the implementation of this Act shall be charged against the current year’s appropriations of the SB Corp. Thereafter, such amount necessary shall be included in the annual General Appropriations Act,” it added.

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MSMES P3 House of Representatives third and final reading
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