Poe pushes for a law granting P10,000 ‘automatic’ capital to small-scale businesses
Senator Grace Poe wants a law that will strengthen local industries or livelihood.
She filed Senate Bill No. 2049 also aims to encourage all cities and municipalities promote a particular product or finished good within their jurisdiction.
It automatically grants P10,000 to eligible micro, small and medium-scale enterprises (MSMEs) to inspire more Filipinos to become entrepreneurs.
Poe said all cities and municipalities must be made “to identify one finished good that is not only well-known but also an established product within their jurisdiction.”
“The present measure seeks to breathe life into the Constitutional provisions by establishing a Suporta Para Sa Produktong Pilipino Program,” she said.
She was referring to the declared policy of the government to establish programs that will provide financial incentives for local enterprises in the country.
“The concept of social justice is imbued throughout the 1987 Constitution. In fact, an entire Article is dedicated to the elaboration of this concept,” Poe added.
The eligible MSMEs, which primarily operate within the city or municipality concerned and which produce the identified finished goods, will be provided with the said fund grant.
In order to be eligible for the said program, businesses and enterprises must provide documentary evidence that they have been operating within the concerned city or municipality for at least three years and have been producing the identified finished good for the same period.
Under SBN 2049, a trust fund with a seed capital of P50 million will be set up to be administered by the Department of Trade and Industry (DTI).
“No business or enterprise shall avail of such benefit more than once a year,” Poe said.