The Micro, Small, and Medium Enterprises (MSMEs) sector has generated 5,461,731 jobs, or 64.67 percent of the Philippines’ total employment for 2021, Senate President Pro Tempore Loren Legarda on Monday, July 10 said. ManilaBulletin
The Micro, Small, and Medium Enterprises sector has generated 5,461,731 jobs, or 64.67 percent of the Philippines’ total employment for 2021, Senate President Pro Tempore Loren Legarda on Monday, July 10 said.Legarda stressed this in celebration of MSME week and underscored the state's support to MSMEs and struggling entrepreneurs as they serve as the vital backbone of the Philippine economy.
The seasoned legislator has championed the passage of Republic Act No. 11293, or the Philippine Innovation Act, Republic Act No. 10693 or the Microfinance NGOs Act, Republic Act No. 10644 or the Go Negosyo Act, and Republic Act No. 9509 or the Barangay Livelihood and Skills Training Act of 2008. These laws aim to capacitate MSMEs to maximize their full potential and production.
Its mandate includes simplifying the rules and regulations and reviewing the applicability and relevance of procedural and documentary requirements in the registration, financing, and other activities relevant to MSME. Under the bill, economically-depressed areas with the highest percentages of disadvantaged citizens will be given priority under the Sustainable Livelihood and Entrepreneurial Development Centre .
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