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Sen. Bam joins MFIs in celebrating anniversary of significant law, MFI NGOs Act

CEBU CITY – Sen. Bam Aquino joined the microfinance community here to celebrate the third anniversary of the enactment of Republic Act 10693 or the Microfinance NGOs Act, which he spearheaded as principal sponsor in the Senate.

The reform was signed into law on Nov. 3, 2015 and has since saved the sector P479.5 million, allowing MFI NGOs to help more Filipinos in need of low-interest, no-collateral loans.

In his speech during the Ramon Aboitiz Foundation Inc. (RAFI) Microfinance Entrepreneurs Summit, Sen. Bam thanked MFI NGOs for their role in crafting RA 10693 to help them become more effective in providing assistance to millions of Filipinos.

“Talagang maganda ang ating nakakamit kapag tayo’y nagtutulungan. Kaya po natin gumawa ng mga repormang nakakatulong sa ating mga kababayan,” Sen. Bam said.

“Thanks to our law, there are more micro-loans and more training programs from MFI NGOs for Filipino families and micro-entrepreneurs,” said Sen. Bam.

The senator also said that many micro-enterprises and local entrepreneurs inspired him to push for the passage of the law in the Senate, saying RA 10693 provides them the needed assistance and opportunity to succeed.

“Kaunting tulong, kaunting oportunidad at kaya nang iangat ng Pilipino ang kanilang pamilya. Kaunting tulong at matinding pagkayod at umaasenso ang pamilyang Pilipino,” said Sen. Bam.

Before he became a senator, Sen. Bam worked closely with MFI NGOs during his time as social entrepreneur and co-founder of Hapinoy program, which assists sari-sari store owners.

“Noong binigyan namin sila ng training sa negosyo, noong iniugnay natin sila sa MFIs para makakuha ng puhunan, nagawa nilang palaguin ang kanilang munting tindahan, mapaaral ang mga anak, at makalikha ng mas mabuting kinabukasan para sa kanilang pamilya,” said Sen. Bam.

Republic Act 10693 gives incentives to MFI NGOs to continue helping Filipinos overcome poverty not just through financing but also through financial literacy, livelihood, and entrepreneurship training.

The law also provides MFI NGOs needed support and incentives that includes access to government programs and projects, technical assistance and exemption from taxes.

Sen. Bam’s advocacy for micro, small and medium enterprises inspired him to push for the enactment of several laws, such as the Go Negosyo Act, Youth Entrepreneurship Act, Credit Surety Act and the Personal Property Security Act.

Sen. Bam: 900 Negosyo Centers now open to support small Filipino businesses

Residents of Carmen, Agusan del Norte can now visit their community’s Negosyo Center for help and support in starting a business or growing their family’s livelihood with the opening of the 900th Negosyo Center in the Philippines.

“900 na ang mga Negosyo Centers na handang tumulong sa mga kababayan nating nais magnegosyo at magkaroon ng kabuhayan. Lahat po ay welcome kaya bumisita na kayo,” said Sen. Bam, principal sponsor and author of Republic Act No. 10644 or the Go Negosyo Act.

Located at the municipal grounds, the newest Negosyo Center was inaugurated by Carmen mayor Ramon Calo. He was joined by other local officials, Department of Trade and Industry Undersecretary Zenaida Maglaya and other concerned stakeholders.

Sen. Bam’s first enacted law in 2014, the Go Negosyo Act mandates the establishment of Negosyo Centers in all municipalities, cities and provinces that will assist micro, small and medium enterprises in the country.

Negosyo Centers provide access to markets and financing for businesses, training programs, and a simplified business registration process, thus helping ease of doing business and fast-track government processes in putting up a business.

According to Sen. Bam, Negosyo Centers provide a key role in fulfilling the dreams of many Filipinos who want to establish their own business as means of livelihood.

“Malaking bagay ang ating Negosyo Centers para mabigyan ng karampatang tulong ang ating mga kababayan na nais magnegosyo,” said Sen. Bam.

“Maliban pa rito, makatutulong din ang Negosyo Center para mabigyan ng suporta ang mga kababayan nating nais kumita ng extra, lalo ngayong mataas ang presyo ng bilihin,” added Sen. Bam, a long-time advocate of micro, small and medium enterprise (MSME) development.

Senate passes measure to improve access to financing for small business

The measure that will give micro, small and medium enterprises (MSMEs) better access to financing was approved by the Senate on third and final reading, according to its principal author, Sen. Bam Aquino.

Sen. Bam Senate Bill No. 1459 or the Personal Property Security Act hurdled the Senate on third and final reading via an overwhelming 21-0 vote. The House has already passed its version on 3rd and final reading.

“Makakatulong ito sa mga maliliit na negosyo na nahihirapan makakuha ng mga loan sa bangko. Suportahan natin ang paglago ng maliliit na negosyo na kabhuayan ng mga pamilyang Pilipino,” said Sen. Bam.

If passed into law, Sen. Bam said MSMEs will be allowed to use other properties, such as inventory and equipment, as collateral for loans. Usually, Sen. Bam said banks and other financial institutions prefer immovable assets like land.

“Sa panukalang ito, mas madali at mas ligtas para sa mga bangko ang magpautang sa mga maliliit na negosyo,” Sen. Bam pointed out, adding that banks are more likely to offer loans to our small businesses, thus helping them grow.

According to Sen. Bam, a former social entrepreneur, a successful business is a way out of poverty for many Filipinos.

“Ang pagpasa sa Personal Property Security Act ay pagsuporta sa mga maliliit na negosyo at pamilyang Pilipino,” Sen. Bam stressed.

Sen. Bam explained that assets of MSMEs are mostly personal in nature, including equipment, inventory, livestock, motor vehicles and receivables, which makes it difficult for them to meet bank requirements to get loan approvals.

With this measure, MSMEs can use these personal properties and assets as collateral in acquiring loans from banks and other financial institutions.

During the technical working group (TWG) conducted by the Committee on Banks, different financial associations and concerned government agencies have supported the passage of the measure.

Sen. Bam said the proposal can provide a win-win situation for both MSMEs and banks with a healthier loan environment.

Countries like China, Vietnam and Mexico have passed a similar measure and helped more than one million entrepreneurs and unlocked value amounting to $4 billion.

As an advocate of small business development, Sen. Bam passed several laws to support the sector, including the Go Negosyo Act, Youth Entrepreneurship Act, Philippine Competition Act, Foreign Ships Co-Loading, Microfinance NGOs Act and the Credit Surety Fund Cooperative Act.

Sen. Bam: PH start-up bill is passed by Senate

A measure that seeks to empower and encourage Filipino innovators and entrepreneurs to build better solutions for the nation was approved by the Senate on third and final reading, according to its principal author and sponsor Sen. Bam Aquino.

Via an overwhelming 18-0 vote, Senate Bill No. 1532 or the Innovative Startup Act was approved by the Senate, bringing it closer to becoming a law.

“This is great news for our innovators and entrepreneurs! We’re one step closer to giving them the support they deserve,” said Sen. Bam, chairman of the Committee on Science and Technology.

“It isn’t easy building a successful start-up, specially in the Philippines. Still, they find ways to bring better solutions to problems in transportation, healthcare, agriculture, and other industries. Tama lang na tulungan sila ng gobyerno,” added Sen. Bam, a former social entrepreneur.

If enacted into law, the measure will provide support to innovative and tech startups, which pertain to businesses that provide unique and relevant solutions to pressing problems, such as transportation, financing, agriculture and healthcare.

“Our country has a number of promising start-ups and we need to provide them with the environment where they can grow and succeed, just like what their counterparts in other countries like United States and Israel are enjoying,” said Sen. Bam.

If enacted into law, innovative startups will enjoy benefits such as tax breaks and grants and other forms of assistance, including a faster process for business registration.

Innovative start-ups could also avail of technical assistance and training programs, use of equipment, facilities and support for patenting or licensing of their product through the Intellectual Property Office of the Philippines.

The measure also includes a P10 billion Innovative Startup Venture Fund that entrepreneurs can apply for.

Sen. Bam is an advocate of start-up, micro, small and medium enterprise (SMSME) development. During the 16th Congress, he passed the Go Negosyo Act, the Youth Entrepreneurship Act and other laws to empower local businesses.

Sen. Bam: Over 800 Negosyo Centers ready to help families find livelihood amid rising unemployment

With prices of goods and unemployment both on the rise, Senator Bam Aquino said the 800-plus Negosyo Centers in the country play an even bigger role in providing Filipino families livelihood.

“Sa harap ng mataas na presyo ng bilihin at mataas na bilang ng walang trabaho sa bansa, higit na kailangang kumilos ang ating Negosyo Centers para mabigyan ng tulong ang ating mga kababayan,” said Sen. Bam, principal sponsor and author of Republic Act No. 10644 or the Go Negosyo Act.

Sen. Bam commended the Department of Trade and Industry (DTI) for effectively implementing his law and ensuring the establishment of over 800 Negosyo Centers in the country.

Sen. Bam also invited the public to visit the closest Negosyo Center to meet and consult with accommodating business counselors from DTI, who can guide them in finding steady livelihood through small business ventures.

“Sa panahon ng mamahaling bilihin at mataas na unemployment, kailangan ng kabuhayan at dagdag kita ang ating mga kababayan. Baka mahanap nila ito sa pagnenegosyo,” said Sen. Bam, a long-time advocate of micro, small and medium enterprise (MSME) development.

A recent SWS survey showed that the number of unemployment Filipinos rose to 10.9 million, the highest since 2016.

The latest Pulse Asia survey also revealed that 86 percent of 1,200 respondents claimed they were strongly affected by the increase in prices of goods.

Sen. Bam’s first enacted law, the Go Negosyo Act mandates the establishment of Negosyo Centers in all municipalities, cities and provinces that will assist micro, small and medium enterprises in the country.

There are now more than 800 Negosyo Centers in different parts of the country, ready to cater to the needs of startups and MSMEs.

Sen. Bam to BIR: Ensure zero harassment of small businesses in intensified inspections

While he welcomes the Bureau of Internal Revenue’s move to intensify inspection of businesses, Sen. Bam Aquino said the agency must ensure that this action will not be a tool for harassment and corruption.

“We laud the BIR’s effort to go after tax evaders, but the agency should also guarantee that they will target large businesses and not harass our micro, small and medium enterprises (MSMEs). Walang kalaban-laban ang mga maliliit na negosyo kung sila ay gipitin,” said Sen. Bam.

“Lalo na ngayong tumataas ang presyo ng bilihin, inaasahan ng mga pamilya ang kanilang maliit na negosyo, tulad ng sari-sari store at carenderia. Tiyakin dapat ng BIR na hindi papahirapan ng mga inspectors ang mga kababayan nating nasa laylayan,” added Sen. Bam.

Earlier, Sen. Bam pushed for the exemption of micro enterprises earning less than P250,000 annually from paying the required percentage taxes, on top of their income tax exemption, under the Tax Reform Acceleration and Inclusion Act (TRAIN) Act.

“Malaki ang naitutulong ng mga maliliit na negosyo at sideline sa mga mahihirap nating pamilya at komunidad. Dapat lang na suportahan sila ng gobyerno,” said Sen. Bam.

Sen. Bam is a former social entrepreneur and long-time advocate for MSME development.

His first law, Republic Act 10644 or the Go Negosyo Act, has established more than 800 Negosyo Centers around the Philippines to help Filipinos put up and manage successful businesses.

Sen. Bam also filed Senate Bill No. 169 or the Small Business Tax Reform Act, which seeks to provide small businesses with a lower income tax rate, VAT exemption and simplified filing of taxes.

Under the measure, all small businesses shall be exempt from payment of income tax for the first three years of its operation from date of establishment and will be subjected to lower income tax rates thereafter.

“This bill also proposes the lowering of the income tax rate for MSEs and an exemption from VAT, among other methods to help our small businesses grow,” said Sen. Bam.

Sen. Bam enlists help of Negosyo Centers to support vendors, freelancers during Boracay closure

Senator Bam Aquino said concerned government agencies should also help small businesses in Boracay as they are also will be affected by the administration’s six-month closure order on the island.

“Huwag nating kalimutan ang mga maliliit na negosyante, mga vendor at sumiside-line na tatamaan din sa pagsasara ng Boracay. Tumataas na nga ang presyo ng bilihin, mawawalan pa sila ng kita at kabuhayan,” said Sen. Bam.

“Kailangan ng malinaw na plano at programa para sa mga maliliit na negosyo, tulad ng mga nagbebenta ng chori burger at naghehenna. Siguraduhin dapat ng gobyerno na may sapat na kita at kabuhayan pa rin ang ating mga kababayan sa Boracay ,” added Sen. Bam.

Sen. Bam said Negosyo Centers in Aklan and other nearby areas play an important role in keeping micro and small enterprises in the area afloat by connecting them to other markets and provide them with alternative livelihood.

“Maaaring iugnay ng Negosyo Centers ang mga maliliit na negosyante sa iba’t ibang merkado habang naghihintay na bumalik sa normal ang operasyon ng Boracay,” said Sen. Bam, principal sponsor and author of Republic Act No. 10644 or the Go Negosyo Act.

The law was the first of 19 laws passed by Sen. Bam.

Passed during Sen. Bam’s term as chairman of the Committee on Trade, Commerce and Entrepreneurship in the 16th Congress, the Go Negosyo Act mandates the establishment of Negosyo Centers in all municipalities, cities and provinces that will assist micro, small and medium enterprises in the country.

As of latest tally, there are more than 800 Negosyo Centers in different parts of the country, including around 10 in Aklan, ready to cater to the needs of micro, small and medium enterprises (MSMEs).

Sen. Bam invites returning OFWs to Negosyo Centers

Sen. Bam Aquino encouraged returning overseas Filipino workers (OFWs) and those affected by the deployment ban to visit the nearest Negosyo Center in their area to get the necessary assistance in starting their own business.

“May maaasahan kayong libreng tulong upang makabuo ng kabuhayan at negosyo. Inaanyayahan namin ang kayo na bumisita sa pinakamalapit na Negosyo Center,” said Sen. Bam, principal author and sponsor of the Negosyo Center law or Republic Act No. 10644, the Go Negosyo Act.

“Sa tulong ng ating Negosyo Centers, makakapagtayo ang ating OFWs ng sariling negosyo na maaari nilang pagkunan ng ikabubuhay para hindi nila kailangang iwan pa ang pamilya para mangibang-bansa,” added Sen. Bam.

As of last count, there are around 800 Negosyo Centers in different parts of the country, ready to cater to the needs of those who want to start or expand their own business.

The senator said that while this is not the ultimate solution to the issue, every agency and every Filipino with the opportunity to support our returning OFWs must do their part and lend a helping hand.

The Negosyo Center provides access to markets and financing for businesses, training programs, and a simplified business registration process, thus helping ease of doing business and fast-track government processes in putting up a business.

The law mandates the establishment of Negosyo Centers in all municipalities, cities and provinces that will assist micro, small and medium enterprises in the country.

The Go Negosyo Act was passed during Sen. Bam’s term as chairman of the Committee on Trade, Commerce and Entrepreneurship. It was the first of 19 laws passed by Sen. Bam in the 16th and 17th Congress.

In the 17th Congress, Sen. Bam filed Senate Bill No. 648 or the Migrant Workers and Overseas Filipino Assistance Act to boost support for the OFW community and the families they leave back home.

If enacted into law, the measure will integrate programs on livelihood, entrepreneurship, savings, investments and financial literacy to the existing efforts of embassies to equip OFWs with knowledge to start their own business.

In a survey conducted by the Bangko Sentral ng Pilipinas (BSP) last September 2015, only 38.2 pecrcent of the 563 household-respondents said that a portion of the money from OFWs are set aside for savings.

Aside from the livelihood aspect, Sen. Bam’s measure mandates the Public Attorney’s Office to establish a help desk in every international port of exit in the Philippines to offer legal service, assistance and advice to departing migrant workers.

Sen. Bam warns public: Brace for increase in prices in 2018

Senator Bam Aquino informed the public to brace for the increase in prices of basic commodities in 2018 due to the Tax Reform for Acceleration and Inclusion (TRAIN) that was enacted into law recently by the government.

“We won’t be surprised by the increase in prices in 2018. Ito ang dahilan kung bakit kumontra tayo sa pagsasabatas ng TRAIN dahil masasagasaan nito ang mga kababayan nating mahihirap,” said Sen. Bam.

Sen. Bam made the reaction after the Industrial Group of Zamboanga warned that prices of sardines will increase starting next year due to the excise tax imposed on petroleum products.

“Ito’y isa lang sa inaasahan nating pagtaas sa presyo ng bilhin na ang papasan ay ang mahihirap nating kababayan,” Sen. Bam said.

Sen. Bam rejected the TRAIN’s approval due to the inability of government to implement the financial assistance program in time for the increase in prices due to provisions on excise tax on fuel and sweetened beverage tax.

The Department of Finance (DOF) proposed a cash transfer program with a P200 monthly financial assistance on the first year and P300 monthly financial assistance for the second and third year to help cover the increase in prices of basic goods.

During the period of amendments, Sen. Bam pushed for the immediate implementation of the cash transfer program to help poor Filipinos absorb the expected increase in the prices of goods and services. However, Sen. Bam’s proposal was not accepted by the DOF.

“In the end, poor Filipinos will bear the brunt of this tax reform program as it will increase the prices of basic commodities without the immediate cash transfer assistance to the poor” said Sen. Bam.

Sen. Bam renewed his call to the government to speed up the implementation of the cash transfer program so poor people won’t be burdened by the increase in prices.

Sen. Bam is also hoping that the increase in take-home pay will be enough to offset the increase of prices of goods and services.

In addition, the lawmaker urged the government to focus on improving the performance of revenue-generating agencies such as the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR).

Data from the Finance Department shows that an additional P726 billion can still be collected by government by addressing inefficiencies and removing loopholes in the BIR.

The government can also collect at least P231 billion if the importation gap and smuggling is resolved by BOC.

Sen. Bam: TRAIN to burden millions of Filipino families in 2018

Poor Filipinos will have to deal with higher prices of goods and services without any financial assistance from the government once the tax reform program it is implemented next year, according to Sen. Bam Aquino.

“While the government is determined to implement the tax reform program starting next year, it will take months before it rolls out the cash transfer program for poor Filipinos,” said Sen. Bam.

However, the DOF said it cannot immediately implement the cash transfer program and the Tax Reform for Acceleration and Inclusion (TRAIN) at the same time.

In the period of amendments, Sen. Bam pushed for the immediate implementation of the cash transfer program to help poor Filipinos absorb the expected increase in the prices of goods and services. However, Sen. Bam’s proposal was not accepted by the DOF.

During its ratification, Sen. Bam rejected the TRAIN’s approval due to the inability of government to implement the financial assistance program in time for the increase in prices due to provisions on excise tax on fuel and sweetened beverage tax.

“In the end, poor Filipinos will bear the brunt of this tax reform program as it will increase the prices of basic commodities,” said Sen. Bam, who rejected the measure despite supporting the increase in take home pay for workers.

“Sana mahanapan pa ng paraan, na sa madaling panahon, masabay nila ang pinansyal na tulong doon sa pagtaas ng taxes at pagtaas ng presyo ng napakaraming bilihin sa ating bansa,” added Sen. Bam.

Instead of passing the burden to poor Filipinos, Sen. Bam said the government should focus on improving the performance of revenue-generating agencies such as the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR).