MSMED pushes people empowerment, jobs generation
“Negosyo... Kaya Mo!” is the theme of Micro, Small and Medium Enterprises Development (MSMED) week.
The week-long activity set July 6-12, 2009 promotes the importance of small businesses in nation-building through people empowerment and jobs generation.
According to the Malacañang press report, President Arroyo signed last year the Republic Act No. 9501 otherwise known as “An Act to Promote Entrepreneurship Strengthening Development and Assistance Programs to Micro, Small and Medium Scale Enterprises, amending for the purpose Republic Act No. 6977, As Amended, Otherwise Known as the “Magna Carta for Small Enterprises”.
Among the salient provisions of the law are the following: Strengthening of the Micro, Small and Medium Enterprise Development Council; 10 percent mandatory allocation of credit resources (8 percent to micro enterprises and small enterprises and 2 percent for medium enterprises) for a period of 10 years; Strengthening of the operations of the Small Business Guarantee and Finance Corporation (SB Corporation) with an increase of its authorized capital stock of P10 billion; Formulation of a six-year MSME Development Plan; Institutionalizing the Celebration of the MSMED Week; every second week of July; and Grant of Presidential Awards for Outstanding MSMEs.
This year's MSMED Week celebration is spearheaded by the MSMED Council through the Department of Trade and Industry (DTI) in cooperation with the Philippine Center for Entrepreneurship' s “Go Negosyo” program.
During the MSMED Week, various activities nationwide such as trade fairs, business seminars and trainings will provide entrepreneurs with business development opportunities and a forum for networking through the assistance of government agencies and private sector organizations. The annual celebration of MSMED Week is in pursuance of the newly-amended Magna Carta for MSMEs, the Malacañang press report disclosed. (PIA6/T.Villavert)