Got a small business? Gain access to credit, get incentives through DTI
If the assets of your business is less than P3 million, consider registering it with the Department of Trade and Industry’s Negosyo Centers under its Barangay Micro-Business Enterprise program.
“We encourage micro enterprises to register their businesses and avail of the incentives under the BMBE Law,” DTI Regional Operations Group Supervising Undersecretary Zenaida Maglaya said.
The Barangay Micro-Business Enterprise Act was made into law back in 2002 but the trade department issued guidelines on registering micro businesses only last April. The DTI, under department order 16-01, is the only agency that can issue a certificate of authority to registered micro enterprises at Negosyo Centers or DTI offices where there are no Negosyo Centers. Prior to the issuance of the department order, micro businesses registered at the office of the treasurer in the city hall where they are located.
Among the perks of registering as a micro business are: exemption from the payment of income tax, exemption from the minimum wage law, access to special credit windows of government financial institutions that cater to micro businesses as well as technology and marketing assistance.
The Barangay Micro Business Enterprise Law recognizes the role of micro businesses as an essential driving force for economic development by generating jobs and providing livelihood. (Eileen A. Mencias)