Senator Bam Aquino has urged fellow lawmakers to pass the “Go Negosyo Bill”, which aims to facilitate ease of doing business; enhance support for micro, small and medium enterprises (MSMEs); and create more jobs to boost inclusive growth.
During his sponsorship speech for Senate Bill No. 2046, under Committee Report No. 10, which he authored, Sen. Aquino emphasized the need for the passage of the Go Negosyo Bill, stressing that it is one of the “foundational bills” needed to achieve inclusive growth.
“The Go Negosyo Bill is a piece of legislation created to help our countrymen out of poverty and towards a path to prosperity. We humbly ask for our esteemed colleagues’ support and consideration,” said Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.
The Go Negosyo Bill is one of the inclusive growth bills that Aquino had filed in the Senate.
The lawmaker pointed out that the Go Negosyo Bill provides the framework for delivering services to our MSMEs, especially for the micro enterprises that comprise 92 percent of all businesses and 66 percent of all jobs in the country’s labor force.
“The numbers show that boosting the MSME sector will help us create more decent, sustainable jobs that can lift many Filipinos out of poverty,” Aquino stressed, adding that MSMEs should be looked as a “pipeline for development.”
“We need programs that will enable micro enterprises to enter the formal economy; our goal should be to help them ‘graduate’ into SMEs so that they grow and generate revenue and jobs for our communities,” he added.
Through the Go Negosyo Bill, Sen. Aquino said MSMEs will be provided infrastructure and support at the city and municipal level “so that local government is able to boost MSME growth and provide jobs and livelihood for their constituents”.
The measure also provides MSMEs access to grants and other forms of financing, shared service facilities and equipment, and other kinds of support.
The bill is also designed to build local support networks and establish market linkages for MSME development, support private sector activities relating to MSME development, and organize programs or projects for entrepreneurial development in the country aligned with the MSME development plan.
Mentoring programs for prospective and current entrepreneurs and investors, as well as services on training, financing, and marketing will be offered and organized. This includes mapping out information and services related to key value chains and economic sub-sectors within an LGU’s jurisdiction.
In order to boost youth entrepreneurship, the Go Negosyo Bill also aims to strengthen coordination with schools and organizations on the development of a youth entrepreneurship training program.