Speaker Ferdinand Martin Romualdez on Sunday said the recently enacted One Town, One Product (OTOP) Philippines Act is a “perfect post-pandemic law” that would go a long way in helping micro, small and medium enterprises (MSMEs) recover from the lingering effects of the COVID-19 pandemic.
The OTOP Philippines Act is the true embodiment of the Filipino first policy. This is exactly the kind of attitude we need to aid in the recovery of MSMEs, which make up 90 percent of all local business, following the pandemic,» Romualdez said.
President Ferdinand Marcos Jr. signed into law Republic Act 11960 or the Act Institutionalizing the OTOP Philippines Program on August 25 meant to develop a self-reliant and independent national economy effectively controlled by Filipinos through policies and programs that drive inclusive local economic activity and boost economic growth.
The OTOP Philippines Program covers products and skills-based services known to an area or locality, including processed food, agricultural-based products, home and fashion products, arts and crafts, and skills-based services.
Romualdez expressed confidence that «the OTOP Program will redound not just to the individual localities or regions, but the entire country itself in an expedited manner.»
“It also aims to assist rural communities in growing the local economy and being more market-oriented and innovation-driven; as well as promote convergence of initiatives from local government units, national government agencies and the private sector in developing and promoting Philippine products, whether for export of the domestic market,” he said.
