TODAY’S EDITORIAL: Programs for MSMEs key to recovery, growth
THE candidates running for president in the coming elections all want to help small businesses. This holds true for even those leaning left in the political spectrum, like labor activist Leodegario 'Ka Leody' de Guzman. But a scrutiny of the various platforms exposes flaws and missing details.As the candidates correctly pointed out, micro, small and medium enterprises are vital to the Philippine economy. They account for more than 99 percent of all the registered businesses.
Most of the aspirants seem to ignore or forget Republic Act 9501, or the 'Magna Carta for Micro, Small and Medium Enterprises.'Among its provisions is a mandate for banks to set aside 10 percent of their loanable funds to the MSMEs. Broken down, that is 8 percent for micro and small enterprises and 2 percent for medium-size firms. If the magna carta can be implemented fully, the MSMEs could have access to funds many times more than the amounts mentioned by the candidates.
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