Officers of the Chinese Filipino Business Club Inc. (CFBCI) led by Samuel Lee Uy held a courtesy meeting with Senator Mark Villar on May 16, 2024 at Bonifacio Global City, Taguig.
The meeting focused on key legislative measures aimed at bolstering the country’s economic landscape.
Villar, who serves as the chairman of the Senate Committee on Trade, Commerce and Entrepreneurship, facilitated a discussion on his significant legislative initiatives.
He highlighted the One Town, One Product (OTOP) Bill and the Anti-Financial Account Scamming Act (AFASA) during the meeting.
Senate Bill No. 1594, also known as the One Town, One Product (OTOP) Philippines Act of 2022, recognizes the vital role of MSMEs in economic growth.
It provides support for these enterprises to enhance product quality, development, design, packaging, standards compliance, marketability, production capability, and brand development. The act also aids rural communities in creating higher quality, innovative products and promotes collaboration among local government units, national agencies and the private sector to develop and market competitive Filipino-made products locally and internationally.
The Anti-Financial Account Scamming Act (AFASA) aims to curb financial cybercrimes, addressing the rising threat of economic sabotage. It seeks to impose tougher penalties on those using financial accounts to commit crimes.
The courtesy meeting underscored the collaborative efforts between the government and business sectors to drive economic development and safeguard financial integrity.