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feb12.2014Solon promotes development of micro, small and medium enterprises

feb12.2014Solon promotes development of micro, small and medium enterprises

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Solon promotes development of micro, small and medium enterprises
Solon promotes development of micro, small and medium enterprises

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Published by: pribhor2 on Feb 12, 2014
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02/12/2014

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Solon promotes development of micro, small and medium enterprises
A lawmaker today urged Congress to fast track the approval of a measure that seeks to further strengthen the micro, small and medium enterprises (MSMEs) sector.ep. Mark !illar ("one #istrict, "as $i%as City) author of &ouse 'ill *+, said developing the MSMEs sector would promote the reduction of poverty.$roviding this sector with -etter incentives and -enefits, more access to focused support for enhanced -usiness 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,0 !illar said.!illar said the -ill has the potential to assist MSMEs to integrate themselves in the formal economic market, which will -ring forth more 1o- opportunities and the enhanced growth of the nation/s economy.2n filing the -ill, !illar cited the declared policy of the State to foster national development, promote inclusive growth and reduce poverty -y encouraging the esta-lishment of micro, small and medium enterprises (MSMEs) that facilitate local 1o- creation and production in the country.!illar said micro enterprises comprised +3.45 of the total num-er of MSMEs while small and medium enterprises accounted for 65 and 7.85, respectively. 9he lawmaker said in terms of employment generation, MSMEs provided a total of ,:*,+: 1o-s in *737 or 4*.5 of the total 1o-s generated -y all types of -usiness esta-lishments. "arge enterprises generated *,34,4* 1o-s and among the MSMEs, micro enterprises created 3,*+,377 1o-s while small and medium enterprises generated 3,83,4* and 64,34 1o-s, respectively.As the -ack-one of the $hilippine economy, the MSME sector comprises a-out ++.45 of all registered firms nationwide, employs 4*.5 of the la-or force and contri-utes *5 to the economy,0 !illar said.!illar said the measure also promotes more participation from the private sector in the MSME #evelopment Council.;nder the measure to -e known as the <o
 Negosyo
 Act of *738,0 a 
 Negosyo
Center0 shall -e esta-lished in all provinces, cities and municipalities under the supervision of the Micro, Small and Medium Enterprises #evelopment (MSME#) Council. 9he MSME# Council shall encourage pu-licprivate partnerships in the
NR # 3375FEB. 12, 2014

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