Manila: Senator Loren Legarda is advocating for the passage of the proposed 'Pangkabuhayan Act' to address the persistent hurdles faced by micro, small, and medium enterprises (MSMEs) in accessing government support and financial assistance.

According to Philippines News Agency, the proposed law aims to streamline livelihood and entrepreneurship programs by establishing Sustainable Livelihood and Entrepreneurial Development Centers (SLEDs) in every rural municipality. These one-stop centers will offer training, business registration, technical support, and access to financing-particularly for MSMEs in economically depressed areas.

Legarda emphasized the need to reduce red tape and embrace innovation, stating that this would empower Filipinos not only to start their own businesses but also to sustain and grow them. The senator highlighted that the bill is designed to complement the Philippine Innovation Act, which she co-authored, by enabling digital transformation among MSMEs and improving their competitiveness.

She further noted that MSMEs are not just beneficiaries but can become drivers of inclusive economic growth and creative industry development. Legarda, who also authored the Magna Carta for MSMEs, remarked that the latest measure is her response to the need for a more efficient and inclusive support system for the 99.5 percent of enterprises in the country that employ over 63 percent of the workforce.