PBBM lives up to promise of support for MSMEs

Former Presidential Adviser for Entrepreneurship Joey Concepion on Monday lauded the Marcos administration for living up to his promise of support to small businessmen in the country through a measure favoring micro, small, medium-sized enterprises (MSMEs) that is already filed in Congress.

Concepcion particularly expressed his gratitude to four lawmakers, including Marcos’ son and Ilocos Norte 1st District Rep. Sandro Marcos, Leyte 1st District Rep.

Martin Romualdez and Tingog partylist Reps. Yedda Romualdez and Jude Acidre, for filing House Bill No. 1, the proposed “Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery or Guide Act.”

The measure mandates the government financial institutions, such as Landbank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), to expand their loan programs for MSMEs affected by the Covid-19 pandemic.

“The President pledged his support for the MSMEs, and I am glad that the first act of his son in Congress is to support a bill that does exactly that,” Concepcion, Go Negosyo founder, said.

Concepcion met the President on

June 15 to discuss important issues that affect the country’s MSMEs. He agreed that MSMEs will be crucial in the country’s economy as it comprises 99.5 percent of all business establishments in the Philippines and generates 62.6 percent of jobs for Filipinos.

HB1 joins another recently filed bill that supports micro-entrepreneurs through livelihood programs. With this, Concepcion said, “all together, when we enable and empower our small entrepreneurs, our economic recovery will be realized much sooner.”

“Our MSMEs need access to money, market and mentorship opportunities,” he added, noting that the “money” element will be addressed by HB1.