Micro business confab in NorMin set Oct. 4

CAGAYAN de Oro City - The 3RD Barangay Micro Business Enterprises (BMBE) Conference in Northern Mindanao is set on October 4 at the Atrium, Limketkai Mall, this city.
The whole-day affair will tackle the implementation of RA 9178 or the BMBE Act of 2002 in the region.

The BMBE law was created to provide incentives to businesses with a capitalization of less than 3 million pesos, respectively.
Among its benefits are the exemptions from implementing the minimum wage law, payment of income taxes and fees and financing opportunities.

The Cagayan de Oro Chamber of Commerce and Industry Foundation, Inc. (Oro Chamber), which has served as the BMBE secretariat of the city following City Ordinance No. 8851-2003, provides assistance to BMBE applicants.
It also conducts orientations and conferences that are designed to educate the public about the significance of the law.

“We know that these micro entrepreneurs need all the assistance they can get. Considering their great number, they can pump prime our economy,” said Oro Chamber President Rudy Menes.

“There are many BMBE applicants in the city but still a lot do not know what the law is about and how it will benefit them. That is why we at the chamber are conducting orientation sessions for this sector,” he added.
The BMBE law is believed to legalize the informal sector which means increases in the local revenues and demand for employment that are key ingredients in creating a sustainable economy.

Partner agencies in Region 10 such as the Bureau of Internal Revenue (BIR), Regional Tripartite Wages and Productivity Board (RTWPB-10), Department of Labor and Employment (DOLE) and Department of Labor and Industry (DTI) will discuss respective updates on the BMBE implementation.

With the support of the Foundation for a Sustainable Society, Inc. (FSSI) as an event partner, and local chief executives such as Misamis Oriental Governor Oscar Moreno who is one of the authors of the law, Camiguin Governor Jurdin Jesus Romualdo and Cagayan de Oro City Second District Congressman Rufus Rodriguez, the Oro Chamber is optimistic that more organizations will be encouraged to take part and spread the good news of BMBE throughout the country. (Oro Chamber)

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