3 days ago
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THE Batang Quiapo (Quiapo Youth) party-list is pushing tax exemptions and bridge financing for micro-entrepreneurs to alleviate poverty, generate employment and spur rural development, a nominee of the group said.
SUPPORTING MSME To show its support towards micro, small and medium enterprises, Batang Quiapo party-list aims to push forward bridge financing and tax exemptions. IMAGE FROM BATANG QUIAPO PARTY-LIST
"MSMEs (Micro, small and medium enterprises) constitute a significant majority of businesses in the Philippines. According to the Philippine Statistics Authority, MSMEs account for over 99% of the country's total number of enterprises, providing employment to a substantial portion of the workforce,"Zofia Canlas, an online seller and marketing expert representing Batang Quiapo, said in a statement.
Canlas said exempting micro-entrepreneurs from taxes could yield several benefits, including poverty reduction, economic expansion, and job creation. "Supporting micro entrepreneurs can help alleviate poverty by providing income opportunities for low-income individuals," she said.
"Micro-entrepreneurs often reinvest their earnings into their businesses or local communities, stimulating economic growth," Canlas added. "By supporting micro-entrepreneurs, you encourage job creation, which can help reduce unemployment rates."
Canlas also noted that micro-entrepreneurs can drive innovation, particularly in niche markets or underserved communities. She said tax exemptions could also reduce administrative burdens for both entrepreneurs and the government, leading to more efficient resource allocation.
To address the financing needs of micro-entrepreneurs, Canlas said the Batang Quiapo party-list would push for legislation to institutionalize the "Paluwagan" system for organized micro-entrepreneurs.
Paluwagan is a common term in the Philippines, which refers to an informal savings system or a rotating savings and credit association.
"Paluwagan serves as a bridge financing that can be used to expand small businesses," she explained. "Paluwagan also promotes financial cooperation and discipline among its members, helping them achieve their financial goals."
