Investments office holds BMBE Act orientation

CEBU, Philippines — The Cebu Provincial Investment and Promotions Office (CPIPO) seeks to raise awareness on Barangay Micro Business Enterprise Act (BMBE) 2002 among micro, small and medium enterprises (MSMEs).

CPIPO recently conducted an orientation on the law to MSMEs in Balamban town, Cebu.

CPIPO underscored the significant role of MSMEs with this initiative to promote the ease of doing business and easy facilitation of services to MSMEs especially in the countryside as well as provide an enabling environment for entrepreneurs to flourish and scale-up their business.

The promotions office partnered with the Department of Trade and Industry-Negosyo Center Balamban, to discuss the eligibility requirements and incentives of BMBE granted to registered MSMEs.

Cebu Chamber of Commerce and Industry president Antonio Chiu had earlier said the ease of doing business is one of the areas the business community will continue to lobby to the government to further the growth of businesses.

Chiu said the chamber wanted to make this a priority considering this is one of the issues the business sector has been clamoring.

The BMBE Act of 2002 encourages the formation and growth of barangay micro business enterprises by granting them incentives and other benefits.

Previously assigned to the local government units through the municipal treasurer’s office, processing of BMBE registration is now being handled by DTI as provided for in Republic Act 10644 otherwise known as the “Go Negosyo Act.”

The orientation also provided MSMEs owners business counseling and the avenue to meet with other stakeholders and government officials.

The DTI has established negosyo centers in various parts in Cebu.

The negosyo center can register business names, offer advisory to aspiring entrepreneurs, and help existing enterprises link their products to potential markets, among others.

Republic Act 10644 or the Go Negosyo Act mandates the creation of negosyo centers across the country to help grow the micro, small and medium enterprise (MSME) sector which accounts for around 99 percent of registered businesses in the Philippines. The law says that negosyo centers must facilitate ease of doing business in the country and access to services for MSMEs.

Aside from accounting for most registered businesses, MSMEs also make up for most jobs created in the country.