A lawmaker has proposed to declare the month of November of every year as Buy Pinoy, Build Pinoy Month to give the fullest government recognition to Filipino producers, particularly micro, small and medium enterprises, a press release from Congress said.
Rep. Teddy Casiño (Party-list, Bayan Muna), author of House Bill 5573, said the measure seeks to recognize the MSMEs major role in the country's economic development with their contributions to employment generation, increased incomes, a more equitable distribution of wealth and rural development.
Under the measure to be known as the "Buy Pinoy, Build Pinoy Month Act," the month of November of every year is declared as "Buy Pinoy, Build Pinoy Month" in recognition of the important role and contribution of the MSME sector to the Philippine economy, the press release said.
Casiño cited the declared policy of the State to develop a self-reliant and independent national economy effectively controlled by Filipinos and to promote the preferential use of local labor, domestic materials and locally produced goods and adopt measures that help make them competitive.
Filipino entrepreneurs are skilled in maximizing the use of scarce capital resources and are able to partner with large firms by supplying locally available raw materials or semi-processed goods, the press release said.
"They find opportunities and take a lot of risks and sacrifices to make their enterprises, employees and communities better. They are able to effectively increase the local content or the value-added in final goods and services that are processed and marketed by large firms," Casiño said.
The MSME sector accounted for 99.6 percent of the registered businesses that employs 63 percent of the labor force living in the country for the last decade, the press release said.
Casiño said 35.7 percent of the total sales and value-added in the manufacturing sector also comes from MSMEs.
MSMEs include restaurants, supermarkets, salons, pharmacies, cooperative farms, upstart technology companies, bakeries, graphic design firms, handicraft outfits, small distilleries, agro-industrial ventures, food processing firms and various services in both the urban and rural areas, the press release said.