Senator Grace Poe has filed a bill which seeks to provide financial incentives for local enterprises.
“The present measure seeks to breathe life into the Constitutional provisions by establishing a Suporta Para Sa Produktong Pilipino Program,” Poe said in a statement on Sunday.
Senate Bill No. 2049 will propose a grant of at least P10,000 to eligible micro, small- and medium-scale enterprises (MSMEs).
The senator explained that eligible MSMEs operating in a city or municipality “which produce the identified finished goods shall be provided with the said fund grant.”
Poe noted that to be considered eligible for the program, documents must show the business has been operating in a city or municipality and have produced finished goods for at least three years.
Under the proposed measure, a trust fund with a seed capital of P50 million will be set up.
The Department of Trade and Industry (DTI) will be “at the forefront to administer its disbursement,” Poe added.
However, no business or enterprise shall avail of such benefit more than once a year, the bill stated.
The DTI will also be responsible for providing regular trade fairs and bazaars where local businesses and enterprises covered by the said measure will get to showcase their products to consumers and investors. /ee