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REPUBLIC ACT NO. 6977
AN ACT TO PROMOTE, DEVELOP AND ASSIST SMALL AND MEDIUM
SCALE ENTERPRISES THROUGH THE CREATION OF A SMALL AND
MEDIUM ENTERPRISE DEVELOPMENT (SMED) COUNCIL, AND THE
RATIONALIZATION OF GOVERNMENT ASSISTANCE PROGRAMS AND
AGENCIES CONCERNED WITH THE DEVELOPMENT OF SMALL AND
MEDIUM ENTERPRISES, AND FOR OTHER PURPOSES.
CHAPTER I
Section 1. Title. -- This Act shall be known as the "Magna Carta for
Small Enterprises."
Sec. 2. Declaration of Policy. -- Recognizing that small and
medium scale enterprises have the potential for more employment generation
and economic growth and therefore can help provide a self-sufficient industrial
foundation for the country, it is hereby declared the policy of the State to
promote, support, strengthen and encourage the growth and development of
small and medium enterprises in all productive sectors of the economy
particularly rural/agri-based enterprises. To this end, the Senate shall
undertake the spur the growth and development of small and medium
enterprises throughout the country and thereby attain countryside
industrialization:
(a) by assuring, through the establishment of adequate support
structure, and the creation and promotion of an environment conducive
to the viability of these enterprises, establishment of mechanisms,
the access and transfer of appropriate technology needed by small
and medium enterprises;
(b) by intensifying and expanding programs for training in
entrepreneurship and for skills, development for labor;
(c) by facilitating their access to sources of funds;
(d) by assuring to them access to a fair share of government contracts
and related incentives and preferences;
(e) by complementing and supplementing financing programs for small
and medium enterprises and doing away with stringent and
burdensome collateral requirements that small entrepreneurs
invariably find extreme difficulty complying with;
(f) by instituting safeguards for the protection and stability of the credit
delivery system;
Summary :
6977 AN ACT TO PROMOTE, DEVELOP AND ASSIST SMALL AND MEDIUM SCALE ENTERPRISES THROUGH THE CREATION OF A SMALL AND MEDIUM ENTERPRISE DEVELOPMENT (SMED) COUNCIL, AND THE RATIONALIZATION OF GOVERNMENT ASSISTANCE PROGRAMS AND AGENCIES CONCERNED WITH THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES, AND FOR OTHER PURPOSES.
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medium,deelopment,act,programs,access,growth,support,assuring,creation,country,establishment,goernment,through