Legarda Wants Implementation of MSME Law in Antique

February 21, 2013

In her visit to the provinces of Panay, Senator Loren Legarda said she wants to ensure the implementation of Republic Act 9501 or the Magna Carta for Micro, Small and Medium Enterprises (MSME) Law in Panay Island, particularly in her home province, Antique.

Legarda, author of the said law, explained that a more vigorous promotion and implementation of the MSME Law will support the expansion of work and livelihood opportunities for Filipinos.

“MSMEs are powerful platforms for promotion of viable rural livelihoods, cultural preservation, socio-economic empowerment of indigenous peoples, and environmental protection,” she said.

“A handicrafts enterprise in Antique, piña cloth weaving center in Aklan, pottery center in Iloilo, and capiz shell handicrafts production in Capiz—these are a few of the MSMEs which prove that embracing our rich heritage and advancing sustainable development translate into jobs, incomes, and livelihoods,” she added.

“Antique, and the whole of Panay Island, is filled with cultural treasures. Weaving, eco-tourism and cultural tourism are industries fit for MSMEs promotion. There should be parallel efforts to support MSMEs through the implementation of the MSME Law and promote the cultural heritage and natural wonders of Panay,” Legarda stressed.

The MSME Law provides more assistance to entrepreneurs by requiring lending institutions to allocate at least eight percent (8%), 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 as well as a comprehensive development plan that would ensure the viability and growth of MSMEs in the country.