President Benigno S. Aquino III has signed into law Republic Act (RA) No. 10644 or the Go Negosyo Act, which seeks to strengthen micro, small and medium enterprises (MSMEs) to create more job opportunities in the country. The Go Negosyo Act was signed into law by the President on July 15, 2014. President Aquino’s cousin, Sen. Paolo Benigno “Bam” Aquino, was the author of the Go Negosyo Act.
MSMEs increase income for poor households and build both business equity and personal assets over a period of time. To this end, the State shall develop plans and initiate means to ease the constraints on the establishment of MSMEs in order to rationalize the existing bureaucratic regulations, providing greater incentives and benefits to MSMEs, and strengthening the MSME Development Council (MSMED),
the law stated.
The Go Negosyo Act will also encourage individuals to start mini-businesses and in time, the MSMEs will be able to create local jobs, production and trade in the Philippines.
Entrepreneurs in Cagayan de Oro City has so much to be thankful for as the city was named by Senator “Bam” Aquino, author of the bill, as one of the pilot areas for its implementation as per recommendation by the Department of Trade and Industry (DTI).
According to Jesse Abear of DTI-10, a Business Resource and Innovation Center for SMEs (BRICS) was planned by DTI before the act was signed by the President.
BRICS Cagayan de Oro is set to be launched by the end of August this year according to the DTI’s website. However, the date is yet to be confirmed by the DTI provincial office.
“We are still planning about BRICS as of now. While the implementing rules and regulations of the Go Negosyo Act is yet to be forwarded by our head office, the department is discussing about BRICS. We will disseminate information once we receive the IRR,” Abear said.