Legarda visits Chinatown, stresses importance of MSMEs

Touring around the busy streets of Chinatown, reelectionist Senator Loren Legarda stressed once again the importance of giving greater support for the micro, small, and medium enterprises (MSMEs) in the country.

“It cannot be denied that the Filipino-Chinese citizens in the country have played a key role in the economic and cultural development of our nation. They are known for their acumen in entrepreneurship and that is very visible here in Chinatown. They are able to expand their businesses because they are not afraid of making investments,” the Senator pointed out.

“Filipino entrepreneurs can also be fearless in making investments especially that we have a law that can support them,” said Legarda, author of the Magna Carta for MSMEs.

Legarda explained that the MSME Law provides more assistance to entrepreneurs by requiring lending institutions to allocate at least eight percent, an increase from the previous six percent (6%), of their total loan portfolio to micro and small businesses. It also provides access to new technologies and regular entrepreneurship training programs for workers to ensure the viability and growth of MSMEs in the country.

“Aside from being the lifeblood of the Philippine economy, MSMEs are powerful platforms for promotion of viable rural livelihoods, cultural preservation, socio-economic empowerment of indigenous peoples, and environmental protection,” she said.

“We have to utilize the available resources in the country, encourage the development of the exceptional creativity and artistry of Filipinos, and vigorously implement our laws in order to promote the growth of MSMEs as a main driver of our economy,” Legarda concluded.***