SEN. Loren Legarda underscored the importance of supporting micro, small and medium-sized enterprises (MSMEs) through legislation and addressing industry-specific challenges.
During The Manila Times MSME Forum, Legarda announced the passage of Republic Act (RA) 11960 or the One Town, One Product (OTOP) Philippines Act that she authored.
The OTOP Philippine Act provides assistance to MSMEs, particularly in rural communities, to develop and improve their products. The law also aims to formulate a national OTOP Strategic Development Plan.
Senator Loren Legarda. (Voltaire F. Domingo/Senate Social Media Unit)
“This law nurtures a culture of creativity and innovation within the MSME sector, facilitating the growth of MSMEs across the countryside by developing indigenous raw materials, utilizing local skills and talents, and featuring local traditions and culture across the country, allowing for inclusive local economic growth,” she said.
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
Legarda also highlighted legislative initiatives that aim to improve MSME’s access to capacity-building programs, finance, technology and markets.
Some of these laws are the RA 9509 or the Barangay Livelihood and Skills Training Act of 2008, RA 10644 or the Go Negosyo Act of 2014 and RA 11293 the Philippine Innovation Act of 2019.
RA 9509 aims to establish livelihood and skills training centers in fourth, fifth and sixth class municipalities to ensure national economic development for rural areas. RA 10644 establishes business centers in provinces, cities and municipalities to promote ease of doing business and provide access to services for MSMEs. RA 11293 creates the National Innovation Council, which encourages entrepreneurship.
Aside from these laws, government agencies such as the Department of Labor and Employment (DoLE) and the Department of Trade and Industry (DTI) have programs that expand MSMEs market reach and boost job creation.
The DoLE Integrated Livelihood Program or Kabuhayan program aims to uplift Filipino marginalized workers by providing financial assistance and establishing livelihood projects for groups and individuals.
The DTI Shared Service Facilities Project helps boost production and competitiveness among MSMEs by providing machinery, tools, accessories, equipment and systems to increase product qualities and sales and generate jobs.
DTI also hosts the National Arts and Crafts Fair, which Legarda also spearheaded. This event is an opportunity for community MSMEs to showcase their locally-made products and celebrate their cultural heritage.
Legarda said there is still much to be done to help MSMEs generate opportunities for the country.
“Let us remember that the true measure of our success lies not only in economic indicators, but in transforming lives in our communities by choosing to support MSMEs. Rest assured that I am willing [to forge] ahead for the cause of our [MSMEs],” said Legarda.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Manila Times – https://www.manilatimes.net/2024/05/24/news/national/legislation-should-help-smaller-firms-legarda/1948140
