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Manila Bulletin devider Opinion devider Laws that will help MSMEs

Laws that will help MSMEs

Published Mar 10, 2024 11:54 pm

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Last week's column delved on the Tatak Pinoy Law which I believe will help many smaller businesses expand and achieve competitiveness on the global stage. This growth means more employment and opportunities for the people. Making this law work at all levels will be key to empowering businesses in the Visayas and Mindanao which have unique products to offer the world.


In many fora I have attended or presented in, I am often asked about laws aimed at helping Micro Small and Medium Enterprises (MSMEs) grow. This matters because, in 2022, MSMEs  comprised 99.59 percent of total businesses in the country. Helping them grow and expand will mean more jobs and opportunities, especially for our young population. Expand MSMEs in the countryside and you can create opportunities that can potentially decongest our major urban centers, especially Metro Manila.  


In this week's column, I am featuring some of these laws so that all may be informed about them and the benefits of such legislative measures. Three laws are already explained in the Department of Trade and Industry website: https://dti.gov.ph/negosyo/msme-resources/msme-laws/. These are the Go Negosyo Act, RA 9178 or the Barangay Micro Business Enterprises  Law of 2002 and the Magna Carta for Small and Medium Enterprises, or RA 9501. The texts of these laws and their Implementing Rules and Regulations are on the webpage for your reference.
Some other important laws are as follows:


The Personal Property Security Act or Republic Act 11057 will enable thousands of small businesses to leverage personal property such as equipment as collateral for loans. Many small business owners do not own real property such as land that can serve as collateral. Note that small businesses rely on credit not just to expand, but more importantly to survive and compete. This allows them to stock up on inventory and save on transport costs. Imagine a store owner who needs to restock daily because his retained earnings are limited. The capability to borrow larger amounts enables him to save on transport costs.


Another is RA 10816 or the Farm Tourism Law.  Enacted in 2016, this law promotes farm tourism as a means for farms to generate more income from tourism activities such as the set up of farm resorts and restaurants that cater to customers. It mandates the preparation of a Farm Tourism Strategic Action plan to be executed by the Farm Tourism Board. It would be a good idea to promote this law in the regions, as this will empower many farms to obtain more income in between the planting and harvest seasons. It can also generate more sustained employment for rural residents. I believe many local governments can capitalize on this law to generate local revenues.


The Innovative Startup Act RA 11337 is another law passed in 2019 that aims to create a startup ecosystem in the country. I believe this will spur the development of the environment for startups to sprout and grow. How well the regions execute the law’s provisions is worth watching. It would be good for private-sector business organizations to take a look and participate in the programs and projects under these laws.

 

Happy 87th Araw ng Dabaw!

We would like to wish the City of Davao and its residents a happy 87th Araw ng Dabaw celebrated on March 1. There are many events to celebrate this occasion in the month of March.  Residents and visitors can also visit the city’s new public parks and museums to get to know more about the diverse boomtown of about 1.4 million. 

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John Tria
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