Soco calls for financial support for MSMEs

CEBU, Philippines —  Provincial Board Member of the sixth district of Cebu Glenn Anthony Soco authored a resolution calling various state agencies to provide financial support for micro, small and medium enterprises that are direly hit by the lockdown.

Soco, who also owns several businesses, asked different government agencies to consider the difficulties now faced by micro to medium entrepreneurs with businesses that have been halted in the last four months.

A copy of his resolution will be furnished to Department of Trade and Industry (DTI), Philippine Economic Zone Authority (PEZA) and the Securities and Exchange Commission (SEC).

These agencies are fervently requested to extend assistance to the MSMEs with viable programs and extend funding and aid, targeted to sustain this sector in business amid these trying times.

The Social Security System (SSS), with its network of business and worker members, is also urged to aid the MSMEs through the grant of subsidies and non-financial assistance in their struggle in this current business climate.

Likewise, the Department of Labor and Employment (DOLE) is requested to assist the MSMEs and their employees during this critical time through financial and non-financial aid and programs aimed at preserving this business sector as they thrive in the present economy.

Meanwhile, Soco’s resolution also called the attention of the Office of the Presidential Assistant for the Visayas (OPAV) Secretary Michael Lloyd Dino to champion and advocate the cause of helping out our businesses in the Province of Cebu.

Soco further reasoned that thousands of businesses were gravely affected with business closures in Cebu. In fact, DOLE-7 reported the Cebu Province alone had 1,185 affected businesses, while 3,496 businesses from the Cities of Mandaue, Cebu and Lapu-Lapu.

“Micro, Small and Medium Enterprises need all the help and support they can get from the national agencies, with monetary and even non-monetary support, from leniency in business regulations and processes, more ease in doing business, grant of incentives, subsidies, promotional programs, etc.” the resolution stated.

“In this global pandemic, the country is relying heavily on its own human resources, local manufacturing and production and even small retailers to keep the economy moving. The country depends a great deal on its Micro, Small and Medium Enterprises. Yet, these sectors cannot simply sustain on their own in this current economic state,” it added.

Copies of the resolution will be sent to DTI Secretary Ramon M. Lopez, SEC Chairman Emilio B. Aquino, PEZA Director General Charito B. Plaza, SSS, DOLE Secretary Silvestre Bello III and OPAV Secretary Michael Lloyd Dino.