The Senate has passed on second reading the Go Negosyo Bill, which seeks to address the Philippines’s rising unemployment rate by speeding up the current business registration process and boosting support for micro, small, and medium enterprises (MSMEs).
The latest figures show that 12.1 million or 27.5 percent of Filipinos are unemployed, the highest since August 2011 when the number reached 29.4 percent.
“There is an urgent need to create more jobs in the country. One way to do it is to make it easier for businesses to start up and succeed–which this bill will enable,” said Sen. Bam Aquino, author of Senate Bill No. 2046 or the Go Negosyo Bill, and chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.