Sen. Bam: Youth Entrepreneurship Act implementation long overdue

A legislator called on the Department of Education (DepEd) to implement the law encouraging students and graduates to venture into business.
“Nananawagan tayo sa Department of Education na ilabas na ang Implementing Rules and Regulations para sa Youth Entrepreneurship Act upang mapakinabangan na ng ating mga kabataan,” said Sen. Bam Aquino.
The Youth Entrepreneurship Act or Republic Act No. 10679 was passed August 2015 but no IRR has been released. The law mandates that the IRR be promulgated within one hundred twenty (120) days from its effectivity.
The law encourages young would-be entrepreneurs to establish their own business by providing them access to capital and other support.
It also creates financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth.
“Gusto nating makakita ng trabaho ang ating mga graduates ngunit mayroon din silang opsiyon na pumasok at magtagumpay sa pagnenegosyo. Matutulungan sana ang ating kabataang magtagumpay sa negosyo kung ma-implement ng maayos ang iilang mga batas na ating isinulong noong 16th Congress,” said Sen. Bam.
Sen. Bam was the author and principal sponsor of the Go Negosyo Act (Republic Act 10667), his first law in the 16th Congress, and the co-author and principal sponsor of the Youth Entrepreneurship Act.
The senator pursued the passage of these two laws during his time as chairman of the Senate Committee on Trade, Commerce and Entrepreneurship in the 16th Congress to cater to the needs of micro, small and medium enterprises (MSMEs).
“These two laws provide MSMEs a conducive environment they need to succeed. At the same time, they also help provide fresh jobs and other livelihood opportunities for their fellow Filipinos,” stressed Sen. Bam, adding that MSMEs account for 66 percent of jobs in the country.
At present, Sen. Bam said 470 Negosyo Centers are already up and running in different parts of the country, catering to the needs of MSMEs.
In the 17th Congress, Sen. Bam filed Senate Bill No. 169 or Small Business Tax Reform Act, which provides small businesses with lower income tax rate, VAT exemption and other privileges.
Sen. Bam has also submitted Senate Bill No. 175 or the Innovative Startup Act seeking to ease restrictions and provide incentives for startups in the Philippines.
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