Legislative History
| House Bill/Resolution NO. HB00005 | |
| FULL TITLE : AN ACT INSTITUTIONALIZING MICROFINANCE PROGRAMS AND ACCESS TO CAPITAL TO SUPPORT AND GROW MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMEs), ALLOCATING FUNDS THEREFOR, AND FOR OTHER PURPOSES | |
| ABSTRACT : Provides that the State should institutionalize a loan program with a simplified process and withlow interest that can provide members of the working class in need of capital with sufficient fundsto start their own business.Creates a comprehensive development and assistance program for MSMEs to protect the capital of small proprietors, ensure the success of their MSMEs, and transform them into five-star businesses by providing them with assistance and the necessary resources in order to help their business flourish.Intends to provide a program where:a) Requirements for loan applications and approval are very basic, and there is no collateral requirement;b) Loan proceeds are exclusively used for capital;c) Interests are very close to prevailing bank rates;d) The lenders have a pragmatic collection mechanism; ande) The mode of payment is on a daily or weekly basis. | |
| PRINCIPAL AUTHOR/S : CAYETANO, ALAN PETER "COMPAÑERO" S. | |
| DATE FILED : 2019-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Zamora (W.K.) (000 2019-09-13) | 2. Sy-Alvarado (000 2019-09-13) |
| 3. Garcia (P.J.) (000 2019-09-13) | 4. Savellano (000 2019-09-13) |
| 5. Del Mar (000 2019-09-13) | 6. Jimenez (000 2019-09-13) |
| 7. Singson-Meehan (000 2019-09-13) | 8. Villanueva (N.) (000 2019-09-13) |
| 9. Reyes (000 2019-09-13) | 10. Chatto (000 2019-09-13) |
| 11. Olivarez (000 2019-09-13) | 12. Lara (000 2019-09-13) |
| 13. Revilla (000 2019-09-13) | 14. Roman (000 2019-09-13) |
| 15. Pacquiao (R.) (000 2019-09-13) | 16. Panotes (000 2019-09-13) |
| 17. Castelo (000 2019-09-13) | 18. Ebcas (000 2019-09-13) |
| 19. Salvador-Tambunting (000 2019-09-13) | 20. Vergara (000 2019-09-20) |
| 21. Torres-Gomez (000 2019-09-20) | 22. Tolentino (000 2019-09-20) |
| 23. Dalipe (000 2019-09-20) | 24. Lacson-Noel (000 2019-11-18) |
| 25. Ferrer (J.M.) (000 2019-11-18) | 26. Geron (000 2019-11-18) |
| 27. Bustos (000 2020-01-28) | 28. Sangcopan (000 2020-01-28) |
| 29. Tan (S.A.) (000 2020-01-28) | 30. Nieto (000 2020-05-26) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON MICRO, SMALL AND MEDIUM ENTERPRISE DEVELOPMENT ON 2019-07-23 |
Abstract
Provides that the State should institutionalize a loan program with a simplified process and withlow interest that can provide members of the working class in need of capital with sufficient fundsto start their own business.Creates a comprehensive development and assistance program for MSMEs to protect the capital of small proprietors, ensure the success of their MSMEs, and transform them into five-star businesses by providing them with assistance and the necessary resources in order to help their business flourish.Intends to provide a program where:a) Requirements for loan applications and approval are very basic, and there is no collateral requirement;b) Loan proceeds are exclusively used for capital;c) Interests are very close to prevailing bank rates;d) The lenders have a pragmatic collection mechanism; ande) The mode of payment is on a daily or weekly basis.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.