House panel approves barangay microfinancing bill

On Monday, the House Committee on Micro, Small and Medium Enterprise Development approved a bill that aims to establish a barangay microfinance system.

The proposed Barangay Microfinance Act seeks to facilitate easy access to funds and credits for entrepreneurial activities at the grassroots level.

Bataan Representative Geraldine Roman emphasized the importance of credit during times of pandemic, providing alternative funding sources with reasonable interest rates.

If passed, the bill will require barangay microfinance cooperatives (BMCs) to register with the Cooperative Development Authority (CDA), and certificates of accreditation issued by CDA must be processed within 30 days without fees.