Cabarroguis, Quirino—A provincial ordinance to support some micro, small and medium enterprises (MSMEs) with less than P100 million in capitalization has been approved.
The ordinance also seeks to ensure the MSMEs’ continuing viability and growth, and aims to assist at least 3,850 MSMEs or 78 percent of the total number of registered businesses in the province.
Giovanni Eustaquio, Provincial Councilors League president, said the ordinance he sponsored in the provincial board also aims to know and answer the specific needs of the MSMEs and will undertake to promote entrepreneurs, encourage the establishment of MSMEs and ensure their continuing viability and growth.
Also chairman of the committee on labor, trade, commerce and industry, Eustaquio said the ordinance is in support of Republic Act No. 9501 or the Magna Carta for Micro, Small and Medium Enterprises (MSMEs) issued in 2008 which recognizes that MSMEs have the potential for more employment generation and economic growth.
“It can help provide a self-sufficient industrial foundation for the country, and thus declared the policy of the state to promote, support, strengthen and encourage the growth and development of MSMEs in all productive sectors of the economy particularly rural/agri-based enterprises,” Eustaquio said.
He said the ordinance is expected to benefit all processing and manufacturing enterprises and services which have Business Name Registration with the Department of Trade and Industry and Mayor’s Permit, all MSMEs in the processing and manufacturing sectors.
The service sector that has no registration and intends to formalize their business and all locally produced products and services will also benefit from the ordinance, he added.