MSMEs told to register businesses
MSMEs told to register businesses
Lorraine Mitzi A. Ambrad (The Freeman) - April 9, 2018 - 12:00am

CEBU, Philippines — To avail of government incentives and assistance, the micro, small and medium enterprises (MSMEs) in Balamban town, midwest Cebu are urged to register their businesses.

The Cebu Provincial Investment and Promotions Office (CPIPO) cited the Barangay Micro Business Enterprise Act (BMBE) of 2002, a law which encourages the formation and growth of barangay micro business enterprises.

BMBE is a business enterprise engaged in production, processing, or manufacturing of products, including agro-processing, and trading and services, with total assets of not more than P3 million. These assets include those arising from loans but not the land on which the plant and equipment are located.

However, services rendered by anyone, who is duly licensed by the government after passing a government licensure examination, in connection with the exercise of one’s profession is not included. Some of these professionals are accountant, lawyer, doctor, architect, and civil engineer.

Under the law’s declaration of policy, BMBEs are recognized as bodies which serve as seedbeds of Filipino entrepreneurial talents.

They also integrate those in the informal sector with the mainstream economy through the rationalization of bureaucratic restrictions, the active intervention of the government, especially in the local level, and provide incentives and benefits to generate much needed employment and alleviate poverty.

CPIPO said the registered BSMEs are exempted from paying income taxes and from following the minimum wage law provided that they give social security and healthcare benefits to their employees.

In partnership with the Department of Trade and Industry (DTI) – Negosyo Center Balamban, the orientation discussed the eligibility requirements and incentives of BMBE granted to registered MSMEs.

The processing of BMBE registration is now being handled by DTI in accordance with Republic Act 10644 or the Go Negosyo Act. It was previously assigned to the local government units through the municipal treasurer’s office.

Business counseling was also offered during the event.

Through the seminar, CPIPO hopes to provide an enabling environment for entrepreneurs to flourish and scale-up their businesses. (FREEMAN)

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