The Go Negosyo Act (SBN 2046), which was passed by the Senate on third and final reading on Monday afternoon, is envisioned boost job creation and cut unemployment.

This was shared by Go Negosyo Act author, Sen. Bam Aquino, as he thanked colleagues in the Upper Chamber for supporting the swift passage of the bill.

“With the Go Negosyo Act, we can boost job creation in many parts of the country, by ensuring the success and growth of micro, small and medium enterprises (MSMEs).”

“Kapag mas maraming negosyo ang nagbukas at lumago, mas marami silang mabibigyan ng kabuhayan at trabaho sa kani-kanilang mga komunidad,” the senator explained.

According to figures cited by Aquino, at least 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.

“Sa bawat sari-sari store, bakery, o talyer na magbukas at lumago, halimbawa, kakailanganin nila ng mga empleyado, supplier, at mga partner na magkakaroon rin ng pagkakataong kumita at umasenso. Magkakaroon ng kita’t kabuhayan ang mas maraming pamilyang Pilipino.”

“Sa paglago ng mga maliliit na negosyo, lahat tayo panalo,” Aquino stressed.

The bill 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.

The Negosyo Centers are also meant to provide courses and development programs, training, give advice on business conceptualization and feasibility, financing, management, capability building, human resources, marketing and other support services.

“With the support of our colleagues in government and the private sector, we can make the Go Negosyo Act a game-changing piece of legislation that can cut unemployment in the country by half–or even more,” Aquino said.