Contracts & Commercial

Bill empowering MSMEs gets Final House Nod

Date: 19 December 2018; Type: Legal News; Source: Philippine News Agency

MANILA, Dec 19 (PNA) - The House of Representatives has unanimously approved on third and final reading a measure seeking to strengthen, empower, and enhance the financing programs for Micro, Small and Medium Enterprises (MSMEs).

According to a statement on Wednesday, 212 lawmakers voted in favor of House Bill 8714, which seeks to amend Republic Act 6977, or the "Magna Carta for Micro, Small and Medium Enterprises".

Cagayan de Oro City Rep. Maximo Rodriguez Jr., principal author of the bill, said there is a need to strengthen the Magna Carta for MSMEs.

He noted the lack of access to financing and related forms of support as the major handicap for MSMEs.

“The MSME Sector accounts for 62.8 percent of total jobs generated by all types of business establishment in 2014. Of the total number of MSMEs, 90.3 percent are micro enterprises, 9.3 percent are small enterprises and 0.4 percent are medium enterprises,” Rodriguez said.

The bill mandates the national government, its bureaus, offices and agencies to allocate at least 10 percent of all its procurement opportunities for goods and services to eligible MSMEs.

It provides that the Small Business Corp. (SB Corp.) can extend all forms of financial assistance to eligible MSMEs except grants and subsidies.

The bill mandates the national government to provide for the full capitalization of the SB Corp. within five years.

A seed amount of at least 10 percent of the additional equity contribution of the national government to the capitalization of SB Corp., but not more than PHP500 million shall be set aside to fund the venture capital and micro finance trust fund.

The bill seeks to extend for another 10 years the implementation of the mandatory allocation of credit resources by the banks for MSMEs.

It also increases the penalties for non-compliance of the banks with the mandatory lending.

Notice: The Publishers of Asean LIP acknowledge the permission granted by the relevant official/ original source for the reproduction of the above/ attached materials. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or the original/ official source. Neither the Publishers nor the official/ original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and the official/ original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

Get ASEAN LAW ALERT

Legal updates by e-mail. It's Free.

INDUSTRY UPDATES

New Regulation to be a Boon for Labuan Economy

LABUAN, Mar 25 (Bernama) - Labuan Business Activity Tax (Requirements for Labuan Business Activity) Regulations 2018, which requires a Labuan entity to have adequate full-time employees on the island as well as adequate amount of operating expenditure, will be a boon for the Labuan economy.

Read More

INDUSTRY UPDATES

Chief Justice wants Bar cooperation to address Negative Perception of Judiciary

KUALA LUMPUR, Mar 22 (Bernama) - Chief Justice Tan Sri Richard Malanjum has called on the Malaysian Bar to work with the judiciary to shed the negative perception of the public towards the judicial system.

Read More

INDUSTRY UPDATES

Thailand to host 23rd ASEAN Finance Ministers’ Meeting in Chiang Rai

CHIANG RAI, Mar 22 (NNT) - The Finance Ministry will host the 23rd ASEAN Finance Ministers’ Meeting (AFMM) under the theme of “Advancing Partnership for Sustainability.”

Read More

INDUSTRY UPDATES

DOLE Partners with Private firm for Safe, Healthy Workforce

MANILA, Mar 23 (PNA) - The government has partnered with a private company in promoting occupational safety and health (OSH) to further ensure a healthy and productive workforce.

Read More

INDUSTRY UPDATES

Pharmacists urge Government to review Poisons Act 1952

PETALING JAYA, Mar 24 (Bernama) - The Malaysian Community Pharmacy Guild (MCPG) is calling on the government to review the Poisons Act 1952 to ensure the pharmaceutical industry is in sync with innovations in technology.

Read More

INDUSTRY UPDATES

MCMC advises Facebook, Instagram Users to change Passwords

KUALA LUMPUR, Mar 24 (Bernama) - The Malaysian Communications and Multimedia Commission (MCMC) has advised Facebook and Instagram users to change their passwords if they have been informed that their passwords are in the format which can be read by Facebook employees.

Read More

INDUSTRY UPDATES

MAS scores, sets Benchmark for Others

The Monetary Authority of Singapore's (MAS) enforcement report has revealed how it polices the financial markets under its charge, and is a welcome indicator of the greater openness the market has long sought, as the report mainly focused on market abuse, financial services misconduct, and money laundering-related control breaches.

Read More

INDUSTRY UPDATES

PRRD terminates Appointment of GRP Panel Members

MANILA, Mar 20 (PNA) - Malacañang on Wednesday confirmed the termination of the appointments of government peace negotiators with communist rebels "in view of the termination of the peace negotiations" with the Communist Party of the Philippines-New People's Army-National Democratic Front (CPP-NPA-NDF).

Read More

INDUSTRY UPDATES

Malanjum keeping Mum about his Successor

KUALA LUMPUR, Mar 20 (Bernama) - Chief Justice Tan Sri Richard Malanjum, who is due for compulsory retirement in April only smiled broadly and chose to remain secretive when asked about his successor.

Read More

INDUSTRY UPDATES

MP Noh Omar expelled from Dewan Rakyat for Three Days

KUALA LUMPUR, Mar 19 (Bernama) - Tanjung Karang MP Tan Sri Noh Omar has been expelled from the Dewan Rakyat for three days from today.

Read More

INDUSTRY UPDATES

ICC Prosecutors to be deported if they Probe Drug War

MANILA, Mar 18 (PNA) - Prosecutors of the International Criminal Court (ICC), who will enter the Philippines to investigate the Duterte administration’s war on drugs, may be deported, Malacañang said on Monday.

Read More

INDUSTRY UPDATES

Selangor wants tougher Environmental Laws

SHAH ALAM, Mar 17 (Bernama) - The Selangor government wants to enforce more stringent laws to address issues related to environmental pollution in the state, said Menteri Besar Amirudin Shari.

Read More

INDUSTRY UPDATES

Rosmah's Graft Case transferred to High Court

KUALA LUMPUR, Mar 15 (Bernama) - The High Court here today allowed the prosecution's application to transfer from the Sessions Court to the High Court the case involving two graft charges filed against Datin Seri Rosmah Mansor, who is the wife of former Prime Minister Datuk Seri Najib Tun Razak.

Read More

INDUSTRY UPDATES

IBP condemns Slay of another Lawyer in DavNor

MANILA, Mar 14 (PNA) - The Integrated Bar of the Philippines (IBP) on Thursday urged authorities to take action on the latest killing of a lawyer, Rex Jasper Lopoz, who was gunned down last March 13 in front of a shopping mall in Tagum City, Davao del Norte.

Read More

INDUSTRY UPDATES

IPOPHL brings IP-focused MCLE Program to Cebu

MANILA, Mar 14 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) will be mounting the 2019 edition of the Mandatory Continuing Legal Education (MCLE) this March in Cebu, to expand its education drive and reach out to IP practitioners in the Visayas.

Read More