NextGen Day

On Thursday, many policies aimed at enhancing the capabilities, procedures, and quality of items produced by Philippine businesses were examined by joint Senate committees chaired by Trade, Commerce, and Entrepreneurship.

Discussions on Senate Bill (SBN) 90, also known as the Exports and Investments Development Act (EIDA), as well as Senate Bills (SB) 97, 536, 538, 782, 1041, and 1441, also known as the Poverty Reduction Through Social Entrepreneurship Act (PRESENT), as well as SB 319, the Domestic Bidders Preference Act, SB 628 and SB 793, the National Quality Infrastructure Development Act, SB 761, the Institutionalization

The legislation, according to Angara, is a component of his “Tatak Pinoy (Proudly Filipino)” crusade and will raise the standards and capacities of regional businesses.

These bills are consistent with the initiatives to strengthen the local industry, raise export standards, generate employment, and eventually improve our economy’s vitality and global competitiveness. This, he declared in a statement, is the essence of Tatak Pinoy.

The lawmaker explained that the PRESENT bill aims to advance the growth of social enterprises in the nation as a way to aid communities and combat poverty, whereas SBN 90 seeks to amend the EIDA to strengthen the country’s exports by encouraging the production of more sophisticated and diverse products.

The Certificate of Domestic Bidders program of the DTI, on the other hand, is institutionalized by SBN 319 in order to support local businesses, particularly those that produce goods that are largely grown or manufactured in the Philippines, by giving them preference in government procurement activities.

SBN 761 will institutionalize the DTI’s SSF program and guarantee funds for the establishment of additional facilities for use by micro, small, and medium-sized businesses.

As this is going on, SBNs 628 and 793 aim to create a national quality policy that will aid Philippine businesses in improving their capacities and creating products that satisfy the standards of foreign markets.

In order to increase the competitiveness and export potential of locally manufactured goods, the proposed Philippine Accreditation Act will also establish a national accreditation system through the creation of a Philippine Accreditation Authority.

SBN 1868 is thought to protect consumers from dishonest and subpar products that pass for authenticity while preserving the outstanding workmanship and craftsmanship of local artisans.

According to Angara, “We want to see them [local firms] manufacture more complicated items that will raise the value of our exports, geometrically expand our economy, and give our workforce better skills and higher-paying jobs.”

These address a number of issues with an industrial policy that not only generates high-quality commodities but also high-quality jobs, he continued.

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