Sen. Bam Aquino is pushing for sweeping reforms to strengthen micro, small and medium enterprises (MSMEs), calling for updated laws, wider access to financing, and fewer regulatory hurdles that continue to burden small businesses.
Aquino unveiled his five-point legislative agenda after assuming leadership of the Senate Committee on Trade, Commerce and Entrepreneurship, saying MSMEs remain a major driver of the economy as they account for 99% of businesses in the country and provide jobs for millions of Filipinos.
He said existing policies must catch up with the changing landscape of entrepreneurship, noting that the definition of MSMEs has expanded beyond traditional businesses such as sari-sari stores and carinderias.
“When we passed the Go Negosyo Act of 2014, what we had in mind were sari-sari stores and carinderias. But today, included in the list of MSMEs are online sellers, freelancers, content creators, virtual assistants, farmers, and small food processors,” Aquino said.
Aquino authored the Go Negosyo Act during his first Senate term. He said he wants to update the law and the Magna Carta for MSMEs to provide support for emerging sectors and address their evolving needs.
“Panahon na po i-update ang mga batas para i-define ang MSME para mabigyan sila ng tulong at para matugunan ang mga panibagong pangangailangan at panibagong anyo ng ating micro, small, and medium enterprises,” he said.
He said proposed reforms would expand access to capital, microinsurance, and other support programs for small entrepreneurs.
Aquino also pushed for stronger government support for the creative economy, citing the growing global recognition of Filipino artists, filmmakers, animators, game developers, fashion designers, and other creative professionals.
He pointed to South Korea’s Korean Creative Content Agency as a model for building an industry around culture and creativity.
“Meron pong renewed interest in Filipino culture, food, and creativity. Kaya kailangan po natin supportahan at tulungan ang industriya na ito,” Aquino said.
Another part of Aquino’s agenda is the proposed Local Farmer and MSME Support and Voucher Program, which seeks to connect government procurement with local producers.
Aquino said the program would create an inclusive supply chain where farmers, MSMEs, and consumers benefit from government spending.
He said the government could use around P300 billion in existing assistance funds to support local producers while helping maintain affordable prices for consumers.
“Kung magamit lang po ng tama ang napakalaking budget ng gobyerno, napakarami pong pwedeng matulungan at mapapanatili pang abot kaya ang mga bilihin,” Aquino said.
The senator also pledged to support industries that generate quality employment, including the information technology-business process management sector, semiconductor and electronics industry, and shipbuilding under the blue economy.
“Magsusulong po tayo ng mga reporma para suportahan ang mga industriyang nagpapayaman sa ating bansa,” Aquino said.
Aquino also vowed to address complaints of excessive regulations and alleged abuses that discourage entrepreneurs from operating and expanding their businesses.
He cited concerns involving government agencies such as the Bureau of Internal Revenue, Food and Drug Administration, and Bureau of Fire Protection, which he said have received complaints over lengthy processes, inspection issues, and other compliance burdens.
“Dapat na pong itigil at hanapan ng solusyon” ang practices that make it harder for small businesses to operate, Aquino said.
He said the Senate would continue reviewing policies and regulations affecting entrepreneurs to ensure that government agencies provide support instead of creating additional obstacles.
Aquino ended his speech by linking MSME reforms to efforts to protect Filipino families from rising prices of basic goods.
He said helping businesses survive and grow would help preserve jobs and provide more stable livelihoods amid expected increases in commodity and rice prices.
“Now is the time to come together to help and protect our countrymen from price shocks to support their businesses para lagi pong may trabaho ang bawat pamilyang Pilipino,” Aquino said.
Photo courtesy of Bam Aquino
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