CHIZ VOWS POLICIES TO FURTHER SUPPORT SMALL BUSINESSES

Vice-presidential frontrunner Sen. Francis "Chiz" Escudero vowed to pursue initiatives and policies that will benefit the micro, small and medium enterprises (MSMEs), which largely are the backbone of Philippine economy.

During a vice-presidential forum organized by the advocacy group Go Negosyo, Escudero said he and his presidential running mate, Sen. Grace Poe, will work toward improving on the ease-of-doing-business in the country, eliminating red tape and cutting down corporate taxes to encourage investments in MSMEs.

MSMEs comprise over 99 percent of 944,897 business enterprises operating across the country, based on the 2012 data of the Department of Trade and Industry, employing more than 4.9 million people versus the 2.6 million of large enterprises.

He said the "Gobyernong may Puso" will invest in infrastructure that would address gaps in the delivery of high-speed Internet to increase online activity and lessen human interventions in government transactions.

"Layunin naming gastusan ng gobyerno, dahil ayaw gastusan ng pribadong sektor, ang mabilis na Internet para wala nang human intervention at walang harapang negosasyon o transaksyon sa pagitan ng nag-a-apply at government official and employee," Escudero pointed out.

Escudero said they will also ensure the passage of a legislation allowing the registration of one-person corporations to encourage more people to set up businesses and provide incentives for needed investments.

He said such legislation was intended to provide a more viable, effective and efficient legal atmosphere for businesses and for job opportunities to flourish.

Escudero said he and Poe also plan to lower the taxes imposed on businesses to attract more investments and fuel growth. The current corporate income tax rate both for domestic and resident foreign corporations in the Philippines is 30 percent, based on net taxable income.

"Layunin naming babaan ito sa loob ng anim na taon ng hanggang 21 hangang 24 na porsyento para maging competitive tayo sa ating mga kapitbahay sa ASEAN," Escudero said.

Escudero and Poe are running as independents under the "Gobyernong may Puso" platforms of rapid inclusive growth, poverty alleviation, transparency and global competitiveness.