Magna Carta for Micro, Small, Medium Enterprises

Magna Carta for Micro, Small and Medium Enterprise

Strengthening Development and Assistance Programs to Micro, Small and Medium Scale Enterprises, amending for the purpose of Republic Act No. 6977, As Amended, Otherwise Known as the "Magna Carta for Small Enterprises" and for other purposes. Among the salient provisions of the law are the following:

• Strengthening of the Micro, Small and Medium Enterprise Development Council;

• 10% mandatory allocation of credit resources (8% to micro enterprises and small enterprises and 2% for medium enterprises) for President Gloria Macapagal-Arroyo has signed on May 23, 2008 Republic Act No. 9501; An Act to Promote Entrepreneurship a period of ten years;

• Strengthening of the operations of the Small Business Guarantee and Finance Corporation (SB Corporation) with an increase of its authorized capital stock of P10 billion

• Formulation of a six-year MSME Development Plan;

• Institutionalizing the Celebration of the MSMED Week every second week of July; and

• Grant of Presidential Awards for Outstanding MSMEs.

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