Republic Act No. 10679

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.

P-Noy Signs Youth Entrepreneurship Act into Law, Boosts Fight Against Unemployment

President Aquino has signed the Youth Entrepreneurship Act into law, strengthening the government’s push to address the growing number of unemployed young people in the country.

 The Youth Entrepreneurship Act, now known as Republic Act No. 10679, was approved by the Chief Executive last August 27, 2015.

“Now that it has become a law, the government now has an additional means to address and combat the growing number of jobless youths,” said Sen. Bam Aquino, author and prinicipal sponsor of the Youth Entrepreneurship Act.

“This law will open more opportunities for the youth to become more productive citizens of the country through entrepreneurial means,” added Sen. Bam, chairman of the Committee on Youth, and Trade, Commerce and Entrepreneurship.

The Philippines Statistics Authority (PSA) said that there are around 1.32 million unemployed youth, with ages ranging from 15 to 24 years old as of January 2015.

The measure creates financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth.

“This Act will help revolutionize our mindset as a people from wanting to be an employee of a company to being a boss of our own enterprise,” Sen. Bam stressed.

The Act also provides would-be youth entrepreneurs access to financing, training, market linkages, and other means of support that will help them run and develop their own business.

With the approval of the Youth Entrepreneurship Act, Sen. Bam now has five laws to his credit in two years.

The neophyte senator principally sponsored and co-authored the Philippine Competition Act or Republic Act 10667. He also principally sponsored the Foreign Ships Co-Loading Act or Republic Act 10668.

Last year, the President approved the Go Negosyo Act, which was principally authored and sponsored by Sen. Bam, and the Philippine Lemon Law.

In addition to his laws, Sen. Bam has initiated investigation into the slow and expensive Internet in the country and the congestion that hounded Port of Manila early this year.  It was resolved and operations went to normal capacity early this year.

Moreover, Sen. Bam has filed resolutions to investigate the Bureau of Customs’ controversial policy on balikbayan boxes and look into possible means to alleviate the Metro Manila traffic problem.

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