Business group calls on gov't to strengthen SMEs
Noting that SMEs are the country’s lifeblood as it accounts 99 percent of all economic activities, NEPA President Bayan Dela Cruz said this sector deserves “more than a token attention that they are getting," adding that the formation of SME chamber could be a good start.
He reiterated his group's call to the Senate’s committee on trade and commerce and the House committee on small business and entrepreneurship development to expedite the formation of Chamber of Small and Medium Sized Enterprises (CoSMEs).
“Among the most noteworthy suggestions coming from the consultations the NEPA has been doing is the creation of the CoSMEs. It must be noted that various chambers of commerce and industry in the country, especially those in the national level, have economic and business agenda far apart from those of the SME’s," he said.
He further stressed that creating a chamber of commerce and industry focused solely on the needs and interests of small entrepreneurs will help advance their concerns and hopefully have these concerns addressed front and center, Dela Cruz added.
He said there is a need to strengthen SMEs because while the sector accounts for at least 99 percent of the country’s total enterprise, it only provides at least 31 percent of the total economic output.
Dela Cruz then lauded the efforts of some lawmakers in advancing the interests of the SMEs through their various legislative endeavors.
“NEPA lauds and supports our legislators’ efforts, particularly those of Sen. Manny Villar and Cong. Teddy Casiño in their advance legislative efforts to raise the capabilities of the country’s SME’s as well as the micro and informal sectors of the economy in the light of greater pressure due to a globalized economy," Dela Cruz said. — LBG, GMA News