The Philippine Senate ratified the bicameral conference committee report about the GoNegosyo Act of 2013. The measure will seek to strengthen micro and small medium enterprises (SMEs) in the Philippines.
Senator Paolo “Bam” Aquino IV, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship stated that Senate Bill No. 2046 or the “Act Promoting the Reductions of Poverty Through the Development of Micro, Small and Medium Enterprises (MSMEs) or also known as “Go Negosyo Act of 2013,” would now be transmitted to Malacanang for President Aquino’s approval.
Senator Bam Aquino is the main proponent of the GoNegosyo Bill in the Senate in coordination with his counterpart in the House of Representatives, Las Pinas Congressman, Rep. Mark Villar.
According to Sen. Aquino the passage of the GoNegosyo Bill is a testament that the Senate is committed in passing significant legislations despite the recent controversies involving some Senators in the Upper House.
With the imminent passage of the Go Negosyo Act into law, Senator Aquino noted that “small businessman – MSMEs are given a much needed boost that will lead to job creation in different parts of the country,” Sen. Aquino stated.
Based upon the Go Negosyo Act, it will mandates the creation of Pinoy Negosyo Centers, under the Department of Trade and Industry (DTI), in each city and municipality around the country.
The Go Negosyo Centers are mandated to make it easier for entrepreneurs to register and start up their businesses, as well as gain access to sources of financing. The Centers will also provide courses and development programs, training, give advice on business conceptualization and feasibility, financing, management, capability building, human resources, marketing and other support services.