AID FOR MSMEs. Cebu 6th District Provincial Board Member Glenn Anthony Soco (left) sits with National Economic and Development Authority (NEDA) Central Visayas Regional Director Efren Carreon in an undated photo. Soco sponsored a resolution seeking to bolster the government's financial aid to micro, small and medium enterprises (MSMEs) in Cebu province. (PNA photo by John Rey Saavedra)
CEBU CITY – Cebu 6th District Provincial Board member Glenn Anthony Soco on Monday urged the government to strengthen financial aid to micro, small, and medium enterprises (MSMEs) affected by the coronavirus disease 2019 (Covid-19) crisis.
In a resolution, the lawmaker asked state agencies’ intervention for the MSME sector through financial support to help them get back on their feet.
“MSMEs 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.,” Soco’s resolution reads.
The resolution said the country is relying heavily on its human resources, local manufacturing and production, and even small retailers to keep the economy moving during the current public health crisis.
“The country depends a great deal on its MSMEs. Yet, these sectors cannot simply sustain on their own in this current economic state,” it added.
Soco’s resolution has been addressed to Trade Secretary Ramon Lopez, Securities and Exchange Commission Chairman Emilio Aquino, Philippine Economic Zone Authority Director General Charito Plaza, Labor Secretary Silvestre Bello III, Presidential Assistant for the Visayas Michael Lloyd Dino, and the Social Security System.
These agencies were urged to extend funding aid to MSMEs to help them survive during the crisis.
The SSS is urged to help MSMEs through the grant of subsidies and non-financial assistance amid the challenging business environment.
Soco also requested the Department of Labor and Employment (DOLE) to help MSMEs and their workers through monetary support.
He also asked Dino to advocate the cause of helping out businesses in Cebu.
Thousands of businesses were gravely affected with business closures in Cebu, he added.
Based on the Department of Labor and Employment data, a total of 1,185 businesses in Cebu province were affected by the Covid-19 crisis, while 3,496 are also affected in the cities of Mandaue, Cebu, and Lapu-Lapu. (PNA)
