Legarda reaffirms commitment to MSME on International MSME Day

June 27, 2023

Senate President Pro Tempore Loren Legarda, a staunch advocate for economic development and inclusive growth, reaffirms her commitment to empowering and supporting micro, small, and medium enterprises (MSMEs) on International MSME Day on June 27.

“We recognize MSMEs as the backbone of our economy, providing employment opportunities for our fellowmen, promoting local industries, and driving economic growth,” Legarda stated.

“As the principal sponsor and author of Republic Act No. 9501, or the Magna Carta for MSMEs, we will continue to work tirelessly to create an enabling environment for their success,” she added.

With her extensive experience and expertise, Legarda has spearheaded various legislative initiatives to enhance MSMEs’ access to finance, technology, markets, and capacity-building programs.

Among these are RA 10644, or the Go Negosyo Act; RA 10693, or the Microfinance NGOs Act; and RA 11293, or the Philippine Innovation Act; and RA 9509, or the Barangay Kabuhayan Act.

In the 19th Congress, she filed Senate Bill No. 8, or the Pangkabuhayan Act, which aims to stimulate entrepreneurship and empower Filipino entrepreneurs by ensuring effective access to existing financing and livelihood assistance programs; and SBN 1594, or the One Town, One Product (OTOP) Philippines Act of 2022 aimed at boosting and recognizing the contributions of MSMEs to the country’s economic growth.

Furthermore, Legarda emphasized the need for continued collaboration among government agencies, private sector stakeholders, and international partners to create an ecosystem that nurtures MSMEs and facilitates their growth.

“By fostering an environment conducive to entrepreneurship and innovation, we can pave the way for job creation, poverty reduction, and economic transformation,” she remarked.

The United Nations General Assembly designated June 27 as Micro, Small, and Medium-sized Enterprises Day to raise awareness of the tremendous contributions of MSMEs to achieve the United Nations Sustainable Development Goals.

The celebration also recognizes MSMEs’ vital role in fostering entrepreneurship, innovation, and job creation, while contributing significantly to sustainable development and the global economy. (end)