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Saying Filipinos should be entrepreneurs creating jobs, Speaker
Prospero Nograles said overseas Filipino workers and other
interested parties can avail of credit assistance provided under
Republic Act 9501 or “Magna Carta for Micro, Small and Medium
Enterprises [MSMEs]” lately signed into law.
“We should strengthen the spirit of
entrepreneurship among Filipinos, especially the youth. Let start
them young. R.A. 9501 will institutionalize credit extension to
micro enterprises with less than P3-million assets,” Nograles
said.
Main House sponsors of the law were Reps. Danilo
Lagbas, (chairman-Committee on Small Business and Entrepreneurship
Development (CSMED); principal author and CSMED senior vice
chairman, Ma. Victoria A. Sy-Alvarado; co-author and CSMED senior
vice chairman, Junie Cua and Antonio Alvarez (chairman-Committee on
Trade and Industry).
Senate sponsors are led by Senators Loren
Legarda and Mar Roxas.
Rep. Sy-Alvarado, one of the principal authors,
stressed the need for Filipinos to “shed off” the paid worker
mentality and instead strive to create jobs themselves by creating
micro, small and medium enterprises.
RA 9501, Reps. Sy-Alvarado and Lagbas said, will
ensure credit access and delivery to attract legitimate and
productive investments.
“It will open up more micro, small and medium
enterprises that would result to more job opportunities and
development of our export industries that generate foreign
exchange,” Sy-Alvarado said.
RA 9501 amends RA 6977 (Magna Carta for Small
Enterprises). It increases the mandatory allocation of credit
resources by lending institutions from 6 percent to 8 percent for
micro and small enterprises, while retaining the 2 percent for
medium enterprises.
It also increases administrative sanctions and
penalties on non-compliance to mandatory credit allocation by
lending institutions.
It also institutionalizes the grant of
Presidential Awards for outstanding micro, small and medium
enterprises as additional incentive and recognition for Filipino
entrepreneurial excellence.
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