Barangay biz law OKd

The two chambers of Congress approved Wednesday night the Barangay Micro Business Enterprises Act of 2002 which is expected to spur economic activity in the countryside.

Speaker Jose de Venecia Jr. said yesterday the measure is one of the flagship economic bills designed to sustain the modest growth of the country’s economy.

"This bill will encourage entrepreneurship among our people and could generate employment at the barangay level through the creation of small businesses with institutional support from government," he said.

He said if at least five new small enterprises are created in each of the country’s 42,000 barangay units, there would be an additional 210,000 businesses in the country.

And if these new businesses employ at least five workers, one million additional jobs are created, he added.

Rep. Oscar Moreno (Lakas, Misamis Oriental), chairman of the economic affairs committee, is the principal author of the micro business measure that is patterned after the old "Kalakalan 20" law during the term of former President Corazon Aquino. – Jess Diaz