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Online MSMEs ‘saviors of economy’

“In the countryside, like Albay, they are becoming the motive force of the economy in these difficult conditions,” Albay Rep. Joey Salceda, House ways and means committee chairman, said.

MANILA, Philippines — Calling micro, small and medium enterprises (MSMEs) that do business online “saviors of the economy in this time of the pandemic,” Albay Rep. Joey Salceda has appealed to the Bureau of Internal Revenue (BIR) and the Department of Trade and Industry (DTI) to exempt them from taxes and fees “for now” so they can thrive and spur overall economic development.

“In the countryside, like Albay, they are becoming the motive force of the economy in these difficult conditions,” Salceda, House ways and means committee chairman, said.

The BIR and the DTI, he said, must only “facilitate registration” of these online entrepreneurs and “expect no tax and fees for now, so that online MSMEs can benefit from economic stimulus.”

Once they have registered their businesses, online sellers can “become part of the formal economy” and be entitled to the “benefits that MSMEs are entitled to in upcoming stimulus programs.”

He said these enterprises must be covered by the “most liberal” implementation of exemptions under the Barangay Micro Business Enterprises (BMBE) Law, the Tax Reform for Acceleration and Inclusion (TRAIN) Law and the Customs Modernization and Tariff Act (CMTA).

Giving online MSMEs reprieve from some fees and taxes would help them “become part of the country’s development without excessive burden.”

“They (online MSMEs) are actually very effective units for translating the programs under our economic stimulus and recovery plans into tangible growth and dynamism in the real economy. They move faster than most bigger enterprises,” Salceda said.

“If we can register more of them and make more of them eligible for the benefits of our credit stimulus programs, we can make more impactful use of increased liquidity in the economy.” he added.

“They require very little capital to operate. They have been efficient uses of the tangible assets in Filipino households. They employ even stay-at-home mothers. And they encourage people to stay at home,” Salceda said.

Credit belongs to : www.philstar.ca

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