Romualdez assures small businesses: Legislative agenda to unlock MSMEs’ potential
MANILA, Philippines — House Speaker Ferdinand Martin Romualdez has assured small business owners that the legislative agenda of Congress is aimed at creating a conducive environment for micro, small, and medium enterprises (MSMEs) to help them unlock their full potential.
Speaking at the opening ceremony of the National Food Fair in Mandaluyong City, Romualdez said that the House seeks a level playing field for all businesses, noting that the initiatives of the 19th Congress would help businesses, especially MSMEs.
“Our legislative agenda is geared towards their empowerment and growth, working relentlessly to create a level playing field for all businesses,” Romualdez said.
“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 added.
According to Romualdez, lawmakers have strived to equip small businesses with the necessary tools to help them improve.
“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.
Article continues after this advertisement“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,” he said.
Article continues after this advertisement“Let’s celebrate the invaluable contributions of our MSMEs and envisage a future where they stand at the helm of our nation’s prosperity.”
As proof of this, the House Speaker pointed out that the House has passed key legislation that would encourage productivity among MSMEs — the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act and the One Town, One Product Act.
Both have been approved on the third reading and are pending further discussions upon the resumption of Congress’ session on July 24.
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“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,” Romualdez said.
“As we indulge in the diverse offerings of this event, let us acknowledge that it is the entrepreneurial spirit and resilience of these enterprises that truly enrich our nation,” he added.
The proposed GUIDE Act will task government financial institutions like the Land Bank of the Philippines and the Development Bank of the Philippines (DBP) to assist small businesses and “strategic” companies as they recover from the impact of the COVID-19 pandemic.
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The One Town, One Product bill meanwhile will help MSMEs to ensure diversity of products per area, where the government will also assist groups in terms of marketing these commodities.
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