28.8 C
Philippines
Tuesday, June 18, 2024

10:16 PM

28.8 C
Philippines
Tuesday, June 18, 2024

10:16 PM

Senator Joel Villanueva Proposes MSME Stimulus Act to Boost Philippine Economy

Senate Majority Leader Joel Villanueva emphasized the need for financial assistance to support Micro, Small, and Medium Enterprises (MSMEs) and enhance their competitiveness as a vital component of the Philippine economy.

Villanueva highlighted the potential of MSME assistance to provide double or greater benefits to the economy. He filed Senate Bill No. 138, known as the MSME Stimulus Act, which aims to create a program to aid and strengthen the growth and development of MSMEs. The bill includes provisions for a stimulus contingency fund and wage subsidies for qualified MSMEs affected by emergencies.

Villanueva stressed the importance of helping MSMEs become resilient and disaster-proof, particularly in light of the lessons learned from the COVID-19 pandemic. While MSMEs account for a significant portion of employment, the support they receive remains inadequate compared to other countries.

Villanueva has proposed several bills to support MSMEs, recognizing their critical role in the economy.