NextGen Day

Sen. Panfilo “Ping” Lacson of the Partido Reporma announced on Wednesday that he is looking into the potential of creating a single funding institution to help micro, small, and medium companies (MSMEs) that have been severely impacted by the coronavirus pandemic.

He went on to say that this might be accomplished by pooling funds from government entities that offer the same program to create a single funding facility.

“I-streamline natin, ang iniisip namin ni Senate President (Vicente) Sotto rito. Why not pool all of these into one fund to assist MSMEs affected by the pandemic or other crises, such as the conflict in Ukraine, climate change, or kalamidad? Meron agad silang pupuntahan na ahensya kung saan accessible sila (Senate President Sotto and I were thinking, why not pool all of these into one fund to assist MSMEs affected by the pandemic or other crises, such as the conflict in Ukraine, The bottom line is that they’ll know where to go for help)?” During an interview with One PH’s “Kandidatalks,” Lacson commented.

He went on to say that MSMEs make up 99.5 percent of our businesses and 63.2 percent of the country’s workforce.

Lacson, on the other hand, claims that despite the fact that at least 20 government programs exist, including microfinance and credit facilities, MSMEs may be unaware of them.

Lacson and Sotto were startled to hear that such initiatives exist inside the Departments of Trade and Industry and Agriculture, among others.

Many MSMEs borrow from private banks because they are unaware of these programs, according to Lacson, because they do not fully comprehend the requirements to receive government support.

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