Inclusive Growth

Sen. Bam lauds Malacanang for Including Measures for Small Businesses in Priority Legislation

Senator Bam Aquino has lauded Malacanang for including his two priority measures that will further help in the development of the micro, small and medium enterprises (MSMEs) in the country in its legislative agenda.

 “We thank Malacanang for including the Cabotage Law and the Fair Competition Act in its legislative agenda,” said Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.

 “Through this, I expect the swift passage of these measures that I see as crucial to our economic growth, job generation and level playing field for all businesses,” the senator stressed, adding that he is committed to work for the passage of the two measures.

“These measures have been in the legislative pipeline for a long time. Finally, some political will to get difficult reforms passed which are pro-poor, pro-business and will lower cost of goods,” he added.

Passed by the Senate on third and final reading, Senate Bill No. 2282 or the Fair Competition Act of 2014 aims to shield small business owners and consumers from companies engaged in unfair business practices, which usually lead to increase in prices of basic goods and services.

Aquino said a fair competition policy will level the playing field for Filipino businesses and allow more Filipinos to exercise their entrepreneurial spirit.

 “The bill puts in place measures that will protect the welfare of businesses and protect honest, hard-working entrepreneurs against abuse of dominance and position, and other unfair practices that put both Filipino businesses and their consumers at risk,” Aquino said.

If passed into law, the senator said Filipinos will enjoy a wider range of high-quality products and services at reasonable prices.

Aquino also filed Senate Bill No. 2364, which seeks to amend Section 1009 of the Presidential Decree No. 1464, otherwise known as the Tariff and Customs Code of 1978, to lower local shipping cost in the country.

If enacted into law, foreign ships will be allowed to call in multiple ports provided that their cargoes are intended for import or export and duly cleared by the Commissioner of Customs, leading to lower cost.

The senator has filed the bill in response to President Aquino’s call to relax the country’s policies on cabotage.

It was discovered that it is cheaper to send products from other countries to the Philippines than to ship goods within the country.

For example, the cost of shipping a 20-foot equivalent unit (TEU) from Kaoshiung, China to Cagayan de Oro is $360 or P16,000 only.

However, the cost of shipping the same cargo from Manila to Cagayan de Oro will take $1,120 or almost P50,000.

“We’d like to put these policies in place this year to sustain the momentum of our growth we’ve experienced the past few years,” Aquino added.

Sen. Bam Supports March of Coco Farmers via Filing of Trust Fund Bill

A senator has filed a bill seeking to create a Coconut Levy Trust Fund to help boost the development of the coconut industry and alleviate lives of coconut farmers and their families.

“For more than forty years, coconut farmers have long been fighting for their rights, not only to access to the Coco Levy Fund but also for the opportunity to develop their industry,” Senator Bam Aquino said in Senate Bill No. 2467.

Earlier, Sen. Aquino supported an indirect initiative filed by Kilusan para sa Ugnayan ng Samahan ng mga Magniniyog or KILUS Magniniyog, calling for the creation of a trust fund from the coco levy fund.

“The livelihood of millions of coconut farmers depends on the coco levy fund so it must be used to uplift the sector,” the group said in a statement when it filed the initiative.

The Bureau of Agricultural Statistics (BAS) reported that coconut farmers are earning just between P16,842 to P23,000 per year, a far cry from the P61,000 average annual net income of an agricultural household.

The National Anti-Poverty Commission (NAPC), for its part, said 41 percent of coconut farmers live below the poverty line.

“It is high time to change its narrative from one of the poorest sector in the country to a great economic driver and source of pride of the Filipino people,” added Aquino.

Aquino stressed that the P73-billion Coco Levy Fund will further advance farming technology and intercropping, which in turn, harness the coconut industry’s potential to address increasing demands and offer coco fiber, water, and oil, among others to new markets.

Earlier, the Supreme Court declared that the coco levy fund belongs to the government and should be used for the welfare of coconut farmers.

Aquino’s measure seeks to finance programs for the increased productivity of coconut farms, capacity building of farmers, research and development of coconut-based enterprises, and implementation of poverty-alleviation programs.

“The goal is to rehabilitate and revitalize the industry to stimulate production and attract investments that will make it again a viable, profitable and sustainable endeavor,” Aquino said.

In addition, the proposal seeks to modernize the farmers and stakeholders to make coconut production globally competitive and become a vital source of economic income for the country.

“It is thus urgent and important to provide the coconut farmers the enabling environment and proper opportunity to thrive and flourish, and be able to participate in building this nation” Aquino said. 

First Negosyo Center Launched in Cagayan de Oro

It’s all systems go for the Go Negosyo Act with the launching of the country’s first-ever Negosyo Center today (Thursday) in Cagayan de Oro City.

“The opening of the first Negosyo Center in the country eases the doing of business in the city, as it will help fast-track government processes in putting up a business,” said Senator Bam Aquino, author of Republic Act 10644 or the Go Negosyo Act.

“The Negosyo Center will boost the development of micro, small and medium enterprises, creating jobs and livelihood in the community,” the senator added.

Aquino said the Cagayan de Oro Negosyo Center will be the first of many, as RA 10644 mandates the creation of such in all provinces, cities, and municipalities in the country.

“We are closely working with the Department of Trade and Industry (DTI) to establish more Negosyo Centers all over the country,” Aquino said.

Aquino said Negosyo Centers will provide a unified and simplified business registration process, making it easier for entrepreneurs to register and start up their businesses, as well as gain access to sources of financing.

“By making business registration simpler and more efficient, we hope to encourage more Filipinos to start their own small businesses to stimulate the local economy,” Aquino added.

In addition, the Negosyo Centers will provide courses and development programs, training, advice on business conceptualization and feasibility, financing, management, capability building, human resources, marketing and other support services.

“We call on the businessmen and entrerpreneurs of Cagayan de Oro to engage with the Negosyo Center and give feedback on its operations so we can continuously improve its services to the public, as we replicate it nationwide,” Aquino added.

The DTI provincial office at the ground floor of Antolin Building in Cagayan de Oro City will house the first Negosyo Center in the country.

Aquino will attend the launch together with invited local officials, Cagayan de Oro City Vice Mayor Caesar Ian Acenas, Misamis Oriental 1stDistrict Rep. Peter Unabia and Governor Vicente Emano.

Also attending the event are DTI undersecretary Zenaida Maglaya, DTI Misamis Oriental provincial director Eliza Pabillore, assistant director Jerry Clavecillas of the Bureau of Small and Medium Enterprises Development and assistant regional director Linda Boniao of DTI Region 10.

The DTI will also sign a memorandum of agreement (MOA) with several industry partners to provide technology enablement and coaching sessions for MSMEs.

Sen. Bam Refiles Vetoed Magna Carta of the Poor Bill

As the Philippines grows, no Filipino should be left behind.
 
Senator Bam Aquino emphasized this as he refiled Senate Bill No. 2370 or the Magna Carta of the Poor Act, which was vetoed by Malacanang last Congress for being ‘unrealistic.’
 
This time, Aquino expressed confidence that his version of the bill will be signed into law, saying it went through the necessary revisions and consultations with stakeholders before it was refiled.
 
“The bill is now fine-tuned to make the country’s strong economic growth felt by all of one hundred million Filipinos,” said Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.
 
In his explanatory note, Aquino said the country’s economic performance in recent years has been impressive and unprecedented. 
 
“Our 7.2% GDP growth in 2013 was the highest in the ASEAN earning the country improved investment grade ratings,” the senator said.
 
However, Aquino said the country still faces many challenges as millions of Filipinos are jobless and a fifth of the populace remains poor.
 
“The daunting task for the State is how to capitalize on its outstanding growth, the critically acclaimed reform efforts and the renewed global confidence, in order to make growth more inclusive and felt by all of the one hundred million Filipinos,” the senator said.
 
Aquino’s measure seeks to ensure the protection and promotion of five basic rights of every Filipino: the right to food, employment, education, shelter and basic health care.
 
“It supports the creation of a just and dynamic environment where prosperity is shared through the provision of adequate social services, enabling a rising standard of living and improved quality of life for everyone,” the senator explained.
 
Under the bill, concerned government agencies are mandated to establish a system that will provide opportunities for the full enjoyment of the five basic rights, which are essential requirements towards poverty alleviation.
 
The Departments of Social Welfare and Agriculture will focus on the right to adequate food while the Department of Labor will ensure that the poor’s right to decent work is assured.
 
The Department of Education (DepEd), Commission on Higher Education (CHED) and the Technical Education and Skills Development Authority (TESDA) will promote quality education while housing will be the responsibility of the Housing and Urban Development Coordinating Council (HUDCC).
 
The Department of Health, for its part, will assure that the poor’s right to highest attainable standard of mental and physical health is assured.

Sen. Bam’s Tax Bill to Unburden the Poor Gets Support

Several stakeholders are pushing for the passage of Senator Bam Aquino’s measure that exempts marginal income earners (MIE) from paying income tax.
 
The Tax Management Association of the Philippines (TMAP) and the Magna Carta for Workers Alliance (MAGCAISA) both expressed their support during the committee hearing on Aquino’s Senate Bill No. 2777 or the Marginal Income Earners (MIE) bill.
 
Representatives from both TMAP and MAGCAISA said the passage of Aquino’s measure would help unburden poor Filipinos, which is composed mainly of farmers, fishermen, tricycle drivers, small sari-sari storeowners and other micro-entrepreneurs.
 
Aside from throwing support behind the MIE bill, TMAP president Rina Manuel also called for the simplification of tax filings and processes for individuals and businesses.
 
MAGCAISA Steering Committee representative Elizabeth Angsiaco, for her part, batted for the expansion of the bill to cover all MIEs.
 
After the hearing, Aquino welcomed the snowball of support for his bill, saying the government should not take way the little income that poor Filipinos earn from their livelihood.
 
“I consider it a great disservice to our countrymen if the government will take away what was left of their meager income,” Aquino said.
 
Aside from hampering its growth, Aquino stressed that poor Filipinos will be discouraged to enter the formal economy if they would be subjected to tight scrutiny by the Bureau of Internal Revenue (BIR).
 
The senator noted that the number of registered MSMEs in the country – currently pegged at approximately 800,000 – has not grown in years.
 
“If we want to help them grow, we need to create an environment conducive for small businesses to thrive. We need to encourage those businesses in the informal economy to register and join the formal sector,” he added.
 
Aquino’s bill seeks to spare micro entrepreneurs, or self-employed individuals who earn not more than the minimum wage equivalent in their regions, from paying income tax, just like minimum wage earners.
 
The senator filed the measure after the Bureau of Internal Revenue released a memorandum circular – Revenue Memorandum Circular (RMC) No. 7-2014 – compelling MIEs to pay income tax returns.
 
According to BIR’s circular, MIEs include agricultural growers/producers such as farmers and fishermen selling directly to consumers, small sari-sari stores, small carinderias or “turo-turos,” and drivers/operators of a single unit tricycle.

Spare the Poor, Pass the MIE Bill – Sen. Bam

Spare the poor.

Senator Bam Aquino made this pronouncement as he called for the swift passage of the Marginal Income Earners (MIE) bill, saying ‘it could be another landmark bill of this administration which is pro-poor and pro-business.’

 During the Senate Ways and Means committee hearing on the MIE bill, Aquino stressed the measure doesn’t affect the government’s revenue-collection efforts and, at the same time, eases the burden of millions of Filipinos.

“I’m hoping that we can move this forward,” said Aquino, adding that the Senate has already reached out to its House counterpart to look into the MIE Bill.

Aquino filed Senate Bill 2227 which seeks to exempt MIEs such as farmers, fishermen, tricycle drivers, small sari-sari storeowners and other micro-entrepreneurs, from paying income tax

 Under Senate Bill 2227, Aquino said MIEs, or self-employed individuals who earn not more than the minimum wage equivalent in their regions, should be spared from paying income tax, just like minimum wage earners.

“The MIE bill basically exempts marginal income earners at the same level as the minimum wage earners,” said Aquino.

Aquino filed the bill after the Bureau of Internal Revenue released a memorandum circular — Revenue Memorandum Circular (RMC) No. 7-2014 — compelling micro entrepreneurs to pay income tax returns.

According to BIR’s circular, MIEs include agricultural growers/producers such as farmers and fishermen selling directly to consumers, small sari-sari stores, small carinderias or “turo-turos,” and drivers/operators of a single unit tricycle.

 “Charging taxes does not help them in any way. Rather, it becomes a burden to a sector that is situated below the poverty line,” Aquino said.

 “Imposing income tax on our micro businessmen is tantamount to confiscating what little income they are able to make on a daily basis,” he added.

“This measure is just and fair and follows the constitutional provision of equal protection to all Filipinos.”

 

Dagdag na Trabaho sa Go Negosyo Law – Sen. Bam

 

The development of micro, small and medium enterprises (MSMEs) in the country has been given a major boost with President Aquino’s signing of the Go Negosyo Act into law.

 “The approval of the Go Negosyo Act into a law is a fulfillment of our commitment to push for MSME development in the country,” said Senator Bam Aquino, the law’s author and chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.

 As the first inclusive growth-related and pro-poor legislation to be passed into law by the present administration, Aquino believes the Go Negosyo Act will further the growth of the MSME industry, which comprises 99 percent of all enterprises and 66 percent of jobs in the country.

 “With MSMEs getting all the help they need through the Go Negosyo Act, it will now be easier for them to start a business or expand existing industries,” said Aquino.

 On Sunday, Malacanang announced the signing of the R.A. 10644 or An Act Promoting Job Generation and Inclusive Growth Through the Development of Micro, Small, and Medium Enterprises.

 Presidential Communications Operations Office secretary Herminio Coloma Jr. said the new law would help create new jobs and livelihood for more Filipinos.

 The Act mandates the creation of Negosyo Centers, under the Department of Trade and Industry (DTI), in each city and municipality around the country. These Negosyo centers are meant to make it easier for entrepreneurs to register and start up their businesses, as well as gain access to sources of financing.

 In addition, the Negosyo Centers will provide courses and development programs, training, give advice on business conceptualization and feasibility, financing, management, capability building, human resources, marketing and other support services.

Bicam Approves Go Negosyo Act, Awaits PNoy’s OK


Go, go, go!

The Go Negosyo Act is now closer to becoming a law after it hurdled the bicameral conference committee.

Senator Bam Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship, and his House counterpart, Las Pinas Rep. Mark Villar, have adopted the Senate version of the Go Negosyo Act authored by Aquino.

On the last day of session, the Senate has ratified the bicameral conference committee report on the Go Negosyo Act. It will be transmitted to Malacanang for President Aquino’s approval.

 “No amount of words will get the people’s trust back in the Senate,” Aquino said.

“If our countrymen would see that we have been working for them despite the scandals, maybe at some point, we would be able to gain their trust again.”

 “With the imminent passage of the Go Negosyo Act into law, small businessmen – micro, small and medium enterprises (MSMEs) are given a much needed boost that will lead to job creation in different parts of the country,” Aquino said.

 Aquino stressed the importance of the Go Negosyo Act, saying 66 percent of jobs in the labor force are generated by the MSME sector, which in turn comprises 99 percent of all enterprises in the Philippines.

“The Go Negosyo Act gives Filipinos – from a simple housewife to ordinary employee – a chance to establish their own business that will help sustain their everyday needs and for their families,” the senator said.

The Act mandates the creation of Pinoy Negosyo Centers, under the Department of Trade and Industry (DTI), in each city and municipality around the country. These Pinoy Negosyo centers are meant to make it easier for entrepreneurs to register and start up their businesses, as well as gain access to sources of financing.

In addition, the Pinoy Negosyo Centers will provide courses and development programs, training, give advice on business conceptualization and feasibility, financing, management, capability building, human resources, marketing and other support services.

Bicam Approves Go Negosyo Act, Lemon Law

Go, go, go!

The Go Negosyo Act is now closer to becoming a law after it hurdled the bicameral conference committee.

Senator Bam Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship, and his House counterpart, Las Pinas Rep. Mark Villar, have adopted the Senate version of the Go Negosyo Act authored by Aquino.

On the last day of session, the Senate has ratified the bicameral conference committee report on the Go NegosyoAct. It will be transmitted to Malacanang for President Aquino’s approval.

“No amount of words will get the people’s trust back in the Senate,” Aquino said.

“If our countrymen would see that we have been working for them despite the scandals, maybe at some point, we would be able to gain their trust again.”

“With the imminent passage of the Go Negosyo Act into law, small businessmen – micro, small and medium enterprises (MSMEs) are given a much needed boost that will lead to job creation in different parts of the country,” Aquino said.

Aquino stressed the importance of the Go Negosyo Act, saying 66 percent of jobs in the labor force are generated by the MSME sector, which in turn comprises 99 percent of all enterprises in the Philippines.

“The Go Negosyo Act gives Filipinos – from a simple housewife to ordinary employee – a chance to establish their own business that will help sustain their everyday needs and for their families,” the senator said.

The Act mandates the creation of Pinoy Negosyo Centers, under the Department of Trade and Industry (DTI), in each city and municipality around the country. These Pinoy Negosyo centers are meant to make it easier for entrepreneurs to register and start up their businesses, as well as gain access to sources of financing.

In addition, the Pinoy Negosyo Centers will provide courses and development programs, training, give advice on business conceptualization and feasibility, financing, management, capability building, human resources, marketing and other support services.

Meanwhile, the Philippine Lemon Law will provide protection against poorly manufactured cars and other motor vehicles.

The bicameral conference committee has adopted the House version of the Lemon Law, authored by Villar.

“The passage of this Act is timely since vehicles are crucial in present time where mobility is needed to thrive daily, especially for businessmen and entrepreneurs,” said Aquino.

Aside from consumer protection, Aquino expects that the Lemon Law will provide consistent standards of quality and performance in the auto industry.

When a motor vehicle has had a defect that cannot be repaired up to four times, the buyer can have the lemon car, or substandard vehicle, be replaced, or have their money back.  The Act is applicable to motor vehicles purchased only in the Philippines and within a year or 20,000 km, whichever comes first.

 

 

Tax Exemption for Business Virgins – Sen. Bam

Senator Bam Aquino has filed a measure granting start-up businesses tax exemption from operations for two years.

Aquino said Senate Bill 2217, also known as the Start-Up Business Bill, would provide these enterprises the proper time to stand on their own as they try to create a niche in the market.

“The intervention provides the opportunity for these start-ups to get organized, establish their business operations and market base,” said Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship.

The measure proposes a tax exemption from operations for two years, given that these enterprises are not an affiliate, a subsidiary or a franchise of any existing company.

Also, these start-ups must not have any other existing registered company in case of a sole proprietorship.

“They should have at least five percent share with no nominal stockholders and a in case of a corporation, a venture capitalist should only have up to fifteen percent of total outstanding shares,” Aquino said.

The senator believes that the passage of his bill will legitimize the start-ups’ role in the economy and the acknowledgement of the State’s commitment to innovation.

“Start-ups have the potential to spur and spread such innovation.  As these enterprises have likewise the appetite to take on more risks, they would fuel creativity and challenge existing ways of doing business,” he said.

Aquino added that the growth of start-ups would be beneficial for more Filipinos who have the innate talent of working with limited resources but able to fashion out contemporary ideas.

“Let them grow, and by the end of two years, they will be able to pay the right taxes and join the formal economy,” the lawmaker stressed.

“The idea is not to exempt businesses, but to give them space to grow,” he said.

 

Photo source: startuphyderabad.com

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