Metro Manila (CNN Philippines, February 26) — Vice presidential candidates boasted about their plans to shower micro, small, and medium enterprises (MSMEs) with enough financial resources to keep their operations afloat, but one aspirant lambasted “foreign-oriented” laws that “eat up” local firms.
During CNN Philippines’ debate, four aspirants shared how they could help MSMEs hit by the pandemic and disasters.
Senator Francis ‘Kiko’ Pangilinan, the running mate of Vice President Leni Robredo, said they would allot ₱100-billion assistance for small businessmen by realigning the current budget.
“Over 1 million ang ating small and medium enterprises at sila ang pinakamalaking employer,” he said.
[Translation: We have over one million are small and medium enterprises and they are the largest employer.]
Pangilinan said small players can tap this funding if they commit to hold off on job cuts and rehire workers laid off due to the COVID-19 pandemic.
Former lawmaker Walden Bello, the running mate of labor leader Leody de Guzman, meanwhile, reiterated their plan to earmark a whopping ₱250-billion emergency fund for MSMEs.
However, Bello said it would not be enough as he criticized fellow candidates Senate President Vicente Sotto and Pangilinan for supporting “foreign-oriented” laws, such as the amendments to the Foreign Investment Act and the Retail Trade Liberalization.
“We have these foreign-oriented laws that have been passed recently and Senate President Sotto was the one who pushed them through Congress and Senator Pangilinan also signed,” he said.
“Sinasabi niyo na pro-Filipinos kayo and you’re liberalizing all these laws,” Bello added. “Let’s not kid ourselves: you’re sending this country and our MSMEs to the hands of these foreign enterprises that will eat them up.”
In their defense, both Sotto and Pangilinan said they supported the measures to open the Philippines to more foreign investors.
“We have lowered the threshold for those who would want to invest, foreign investments, because that is the way to open up the economy,” Sotto said.
Pangilinan, for his part, said the ₱100-billion fund would balance the effects of the laws.
Sotto, on the other hand, said he and presidential candidate Senator Panfilo Lacson plan to distribute ₱1 billion per province for MSMEs.
“There are only 81 provinces, ₱1 billion each, imagine what it can do for the economy in Occidental Mindoro and all the provinces especially the poor provinces,” Sotto said.
Lawyer Carlos Serapio, meanwhile, said they would use the budget allotted under the General Appropriations Act.
“They have actually provided big amount of money in support of MSMEs,” added Serapio, the running mate of presidential bet Faisal Mangondato.
He said they would seek more funds for research and development.
