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    Posted June 16, 2014 by

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    Philippines ratifies Go Negosyo Act

    THE House of Representatives on Monday ratified the reconciled version of Senate Bill 2046 and House Bill 4595 or the proposed Go Negosyo (Business) Act, which promotes the development of Micro, Small and Medium Enterprises (MSMEs) to ease doing business in all cities and municipalities in the Philippines.
    The ratified bicameral conference committee report was sponsored by the House Committee on Small Business and Entrepreneurship Development chaired by Rep. Neil Benedict Montejo.
    House Bill 4595 was a consolidation of House Bills 3729, 127, 1028, 1036, 3776, 4007, 4015, 4080 and 4155.
    Las Pinas City Rep. Mark Villar said the measure shall facilitate access to financing and capability building programs for MSMEs and promote employment generation in all cities and municipalities of the country.
    "Providing this sector with better incentives and benefits, more access to focused support for enhanced business performance, promoting support to key growth industries and facilitating financing support programs that are much-needed for growth will help improve the design and implementation of the nation's MSMEs sector," Villar said.
    Quezon City Rep. Winston Castelo said MSMEs, now more than ever, have an important socio-economic role in the nation's machinery. Unemployment numbers are growing, and we have to realize that allocating effort and resources towards a strong and thriving MSME sector not only sustains, but also leads to the creation of considerable and promising net employment.
    Leyte Rep. Ferdinand Martin Romualdez said the bill provides a Start-up Fund for MSMEs to be sourced from the MSME Development Fund and Barangay Micro Business Enterprises (BMBEs) to provide financing for the development and promotion of MSMEs in priority sectors of the economy.
    Under the measure, a "Negosyo Center" shall be established in all provinces, cities and municipalities.
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