In line with MSME Month this July, Senator Loren Legarda has filed the proposed Pangkabuhayan Act, a measure aimed at simplifying access to government financing and livelihood programs for micro, small, and medium enterprises (MSMEs).
The bill proposes the creation of centralized Sustainable Livelihood and Entrepreneurial Development Centers in every rural municipality. These will serve as one-stop hubs offering training, business registration, technical support, financial assistance, and other services, especially in economically depressed areas.
“Compared to larger enterprises, our MSMEs are more susceptible to changes in our economy, which would also affect their capability to employ and expand,” said Legarda.
“I hope that the passage of the proposed ‘Pangkabuhayan Act’ will create mechanisms to reduce red tape and regulatory barriers for starting or expanding MSME ventures,” she added.
The Pangkabuhayan Act aligns with the Philippine Innovation Act and aims to make MSMEs not just aid recipients but drivers of economic growth and global competitiveness.
MSMEs make up 99.5% of Philippine businesses and employ over 63% of the workforce. Legarda, who authored the Magna Carta for MSMEs and the Philippine Innovation Act, has long championed their role in job creation and poverty reduction.IMT
