17
SEC. 16. Micro, Small, and Medium Enterprise Week. -- In order to
institute continuing awareness of the primacy of small business in nation-
building and in people empowerment, and to celebrate and espouse the firm
commitment of the State in the promotion, growth and development of small
business, the second week of July of every year shall be declared as the
Micro, Small, and Medium Enterprise Development Week. The MSMED
Council, the Department of Trade and Industry, and the SB Corporation shall
be jointly responsible in organizing activities for the event.
SEC. 17. Presidential Awards for Outstanding MSME. -- Presidential
awards for outstanding MSMEs and good MSME practices, consisting of
rewards in cash or in kind shall be granted to one hundred percent (100%)
filipino-owned companies and development partners during the MSME
development week.
SEC. 18. Congressional Oversight Committee. -- To monitor and
oversee the implementation of this Act, there shall be a Congressional
Oversight Committee on Micro, Small and Medium Enterprise Development
(COC-MSMED) composed of the chairpersons of the Senate Committee on
Economic Affairs and the House Committee on Small Business and
Entrepreneurship Development as chairperson and co- chairperson,
respectively; five (5) members of each of the Senate and House of
Representatives to include the chairpersons of the Senate committees on
Trade and Commerce; and Banks, Financial Institutions and Currencies; and
the chairpersons of the House committees on Trade and Industry, Banks and
Financial Intermediaries, and Appropriations: Provided, That two (2) of the
five Senators and two (2) of the five House Members shall be nominated by
the respective minority leaders of the Senate and the House of Representatives.
The COC-MSMED shall set the guidelines and overall framework for
the monitoring of the implementation of this Act and shall adopt its internal
rules of procedure. The Secretariat of the COC-MSMED shall be drawn from
the existing personnel of the Senate and House of Representatives committees
comprising the COCMSMED.
(RA 9501 through Sec. 19 inserted new Sections 16, 17 and 18 after
Section 13 of RA 6977, as amended by RA 8289)
SEC. 19 - Penal Clause. - The Bangko Sentral ng Pilipinas shall
impose administrative sanctions and other penalties on the lending institutions
for non-compliance with provisions of this Act including a fine of not less than
Five hundred thousand pesos (P500,000.00).