CITY Council’s committees on Trade and Commerce and Ways and Means chair Councilor George Goking is now considering filing an ordinance that will create a one-stop shop of support services for micro, small and medium enterprises (MSMEs), including access to loan windows after the law on financing for MSMEs, passed recently.
He even said his planned ordinance will also cater to MSMEs online.
“It is appropriate to pay attention to the potential enterprises of small businesses including online,” said Goking adding that once they are formalized and registered order to provide them with adequate support services.
He said the government must recognize the importance of e-commerce in the development and recovery of the economy from the effects of the pandemic.
In the same development, Senate Bill 1499, or the Support Services for Online MSMEs Act, was already filed that seeks to provide mechanisms for the integration of online MSMEs into the formal economy by offering incentives to register.
Such services will include loans from government financial institutions, regulatory relief and extensions, technical training, product development services, marketing assistance, and logistics support.
Earlier, Goking also lauded the newly approved bill by Congress that seeks financing for small businesses, especially those crippled by the COVID-19 pandemic.
Goking even vowed to support the revitalization of the city’s MSMEs, acknowledging the sector’s role in post-pandemic economic regeneration, job creation, and poverty reduction.
“We have to institutionalize a financing strategy for small businesses, especially those crippled by the pandemic and other significant economic challenges,” said Goking.
His planned ordinance also aims to provide sufficient capital and credit access to those who wish to build a business even online and to have an online one-stop portal for all support services to provide adequate information, and updates on developments and technological advancements.
The new financial hub is a welcome space where people, particularly small and medium enterprises, can find and create meaningful opportunities for their businesses, according to Goking.
Goking maintained that the city government remains firm in its commitment to help the MSMEs flourish by streamlining existing processes and making it easier for businesses to thrive as the city recovers from the pandemic.
He also committed to the trade and industry department's startup market launching at SM downtown through the help of at least seven MSMEs.
Goking, during the said launching, cited the MSME sector's role in stimulating the economy towards inclusive and sustainable recovery.
"The administration under Mayor Klarex Uy has not and will not hesitate in carrying out its commitment to enable the MSMEs to continue flourishing, especially after having to bear the brunt of the pandemic," said Goking.
According to Goking, the mayor assures that the city government remains dedicated to streamlining existing processes and making it easier for businesses to thrive.
"We will continue to initiate worthwhile programs to give Cagay-anons enough space and resources to maintain, start, and even restart their ventures," he said.
Goking also urged all the MSMEs in the city to avail themselves of the existing financial assistance and facilities offered by the government and partner institutions to maximize the sector's potential to become the city’s engines for inclusive economic growth recovery.
He also encouraged MSMEs to adopt information and communications technology (ICT) as part of business strategy in marketing and towards the country's digital transformation at the local, national and global.
