To this end, the government agencies shall effect a substantial delegation of authority to their regional and provincial offices to make decisions, particularly in the registration of beneficiaries of this law, qualification for availment of benefits, accreditation of private voluntary organizations, industry associations and cooperatives, and to resolve complaints for violation of applicable laws.
The Council shall be attached to the Department of Trade and Industry and shall be constituted within sixty 60 days after the approval of this Act. Cabinet-rank ex officio members of the Council shall designate an undersecretary or assistant secretary, and the chairman of the Monetary Board or his representative, as their permanent representative in case they fail to attend meetings of the Council.
The private sector members of the shall initially receive per diem of One Thousand pesos P1, per meeting, for a maximum of twenty-four 24 meetings per year, which per diem may be adjusted by the Council: Provided, that may such adjustment shall take effect upon approval of the President.
The Council may create an Executive Committee of five 5 members elected by the Council from among themselves or their designated permanent representatives, with at least two 2 members representing the private sector, and with authority to act for and on behalf of the Council during intervals of council meetings representing the private sector, and with authority to act for and on behalf of the Council during intervals of council meetings, and within the specific authority granted by the Council.
The President is hereby also empowered to establish a small a and medium enterprise promotion body which shall be the principal government agency that will formulate, implement, coordinate and monitor all non-financing government programs, including fee-based services, to support and promote micro, small and medium enterprises.
It shall be attached to the Department of Trade and Industry and shall be under the policy, program and administrative supervision of the SMED Council. It may also provide second level guarantee i. The Corporation shall become liable under its guarantees upon proof that the loan has become past due under such terms and guidelines adopted by its Board and printed on the contract of guarantee.
The SMED Council shall set up the appropriate systems to monitor all loan applications of small and medium enterprises in order to account for the absorptive capacity of the small and medium enterprises sector. Penalty Clause.
Chan Robles Virtual Law Library. Separability Clause. If any provision of this Act shall be held unconstitutional, the remainder of the Act not other wise affected shall remain in full force and effect. Approved: September 30, Philippines Worldwide The Business Page.
P 1,, Provide all information and referral services it shall deem necessary or essential to the development and promotion of MSMEs;. Conduct other programs and development programs, training, advice, consultation on business conceptualization and feasibility, financing, management, capacity building, human resources, marketing, and such other services to support the needs of MSMEs;.
Provide courses and development programs, training, advice, consultation on business conceptualization and feasibility, financing, management, and such other services to support the needs of MSMEs;. Section 9 of the same Act, as amended, is hereby renumbered as Section 8 and amended to read as follows:. A new section is hereby inserted after Section 9 of the same Act, as amended, and numbered as Section 9 to read as follows:.
The Council may also accept contributions from the private sector. A new sub-section is inserted after Section 11 of the same Act, as amended, to read as follows:. Composition of the Board of Directors and its Powers. A new sub-section is hereby inserted after Section 11 of the same Act, as amended, to read as follows:. SB Corporation may also engage in wholesale lending.
The SB Corporation shall be given two 2 years from the effectivity of this Act to comply with this requirement;. Capitalization and Funding of the SB Corporation. The initial capital of One billion pesos 10,,, Authorized capital stock of the small business corporation shall be divided into 80,, common shares and 20,, preferred shares with a par value of One hundred pesos P Additional equity shall come from trust placements of excess and unused funds of existing government agencies, bilateral and multilateral official development assistance funds, subscriptions from government owned or controlled corporations, and investments of private financial institutions and corporations: Provided, finally, That any investment from the private sector shall only be in the form of preferred shares.
New sections are hereby inserted after Section 12 of the same Act, as amended, to read as follows:. The SB Corporation shall be subject to the supervision and examination of the Bangko Sentral ng Pilipinas taking into consideration its development objectives.
The Venture Capital Fund shall be used mainly for venture capital finance especially in technology-oriented industries. The micro finance trust fund shall be used to provide collateral-free fixed and working capital loans to micro and small enterprises run by those emerging out of poverty.
Section 13 of the same Act, as amended, is hereby renumbered as Section 15, and further amended to read as follows:.
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