- Posted April 23, 2014 by
Phl lawmaker: Support MSMEs to generate jobs
In filing House Bill 3776, Rep. Teodorico Haresco, Jr. of Aklan Province said MSMEs have the potential for more employment generation and economic growth that can help provide a self-sufficient industrial foundation for the country.
Haresco stressed the government should maximize the untapped potential of the MSME sector by giving it incentives and benefits and by strengthening participation of the private sector.
"Though it is recognized that MSMEs have the potential for more employment generation and economic growth, its full potential is yet to be realized because of stiff competition capital with the large scale enterprises," the lawmaker said.
He said MSMEs compose 99.7 percent of the business enterprises operating in the country. Of the total number of MSMEs, about 92% are micro enterprises.
According to the lawmaker, MSMEs also accounted for 35.7% of Gross Value-Added (GVA) to the economy.
"It is the accepted view that MSMEs still have immense potential or GVA growth such as being exhibited by their counterparts in Indonesia (53.28%), Vietnam (39%) and Thailand (37.8%)," Haresco stressed.