House Speaker Martin Romualdez (Speaker’s office)



Speaker Martin Romualdez has assured Filipino entrepreneurs ahead of the start of the second regular session that their success remains the House of Representatives' priority. “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 said Wednesday, July 12, during the opening ceremony of the National Food Fair 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,” said the Leyte 1st district congressman. “Let’s celebrate the invaluable contributions of our MSMEs (micro, small, and medium enterprises) and envisage a future where they stand at the helm of our nation’s prosperity,” he added. The House is currently on recess, but only until July 24 when the lawmakers convene for the first day of the second regular session of the 19th Congress. The Speaker said the House recognizes the crucial contribution of small businesses to the economy. “Our legislative agenda is geared towards their empowerment and growth, working relentlessly to create a level playing field for all businesses,” he noted. “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 said that the House has passed several measures, and is considering the approval of other proposals, meant to help small businesses. These include the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act and House Bill No. 1171, or the “One Town, One Product Act.” He said these measures are aligned with President Ferdinand "Bongbong" Marcos Jr.'s policy, as the Chief Executive had allocated P1.2 billion in the 2023 national budget to support programs for MSMEs. The GUIDE Act, of which Romualdez is one of the principal authors, obligates government financial institutions like the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) to assist small businesses and “strategic” companies. For this purpose, the bill seeks to increase DBP’s capitalization from P35 billion to P100 billion, and allocates P7.5 billion to Land Bank and P2.5 billion to DBP for lending to small enterprises. On the other hand, Romualdez said the “One Town, One Product” or OTOP bill aims to “assist MSMEs in developing innovative products, enhancing quality, design, packaging, compliance, marketability, production, and brand development". “The OTOP program incorporates a broad range of products and skill-based services native to specific localities. It mirrors the rich fabric of our cultural heritage and entrepreneurial vigor,” he said. Wednesdays event was organized by the Department of Trade and Industry (DTI).