As the frenzy around the May 12 midterm elections concludes and the winners are finally proclaimed, I extend my heartfelt congratulations to the newly elected national and local officials. I am also thankful that the elections were generally peaceful and that election watchdogs from civil society ensured a fair and democratic process.

I also congratulate Senator Bam Aquino. His victory is not just a personal achievement but a significant win for the Philippines’ micro, small and medium enterprises (MSMEs) sector. Bam has been a long-time ally of our advocacy, and I am thrilled to see him return to the Senate, where he can continue to champion our entrepreneurs.

During his previous term from 2013 to 2019, Senator Aquino was instrumental in advancing key legislation that directly benefited MSMEs. He authored the Go Negosyo Act (RA 10644), a landmark law designed to empower entrepreneurs by providing them with access to financing, training and markets. This law laid the groundwork for a more supportive environment for small businesses, enabling countless Filipinos to pursue their entrepreneurial dreams. Additionally, he played a pivotal role in the Youth Entrepreneurship Act (RA 10679), which encourages the youth to engage in entrepreneurship and fosters a culture of innovation among young Filipinos. Furthermore, the Innovative Startup Act (RA 11337) was another significant achievement during his tenure, aimed at boosting the startup ecosystem in our country.

Senator Aquino’s commitment to fostering a vibrant entrepreneurial ecosystem is evident not only in his legislative achievements but also in his genuine engagement with the entrepreneurial community. For years, even after his term had ended at the Senate, he has volunteered his time to mentor aspiring entrepreneurs at Go Negosyo events, sharing valuable lessons with our active and aspiring entrepreneurs. He was a frequent and abiding presence at Go Negosyo, always ready to lend a hand to our advocacy of promoting entrepreneurship across the country.

His hosting of “SME Go!” and “Quick Panalo” segments on Go Negosyo’s social media channels, for example, spotlighted small business owners from across the nation, showcasing their stories, struggles and successes. By giving a platform to these entrepreneurs, he has inspired many to take the leap into business ownership.

The importance of MSMEs cannot be overstated. They account for nearly all enterprises in the country and generate over half of our jobs. In fact, MSMEs employ around 63 percent of the Filipino workforce, making them the backbone of our economy. This sector not only drives economic growth but also fosters innovation and resilience in our communities. With the right support, these businesses can thrive, contributing to sustainable development and improving the quality of life for countless families.

Despite their significance, MSMEs often face numerous challenges, including limited access to financing, inadequate infrastructure and a lack of business training. This is where our elected officials must step in. I urge all newly elected leaders, both national and local, to prioritize MSMEs in their agendas. Effective policy is crucial for creating the far-reaching improvements our entrepreneurs desperately need. We must create a legislative environment that encourages investment in small businesses, ensuring they have the resources and support necessary to grow.

Local government officials, especially, play a vital role in this ecosystem. Our provincial roadshows and school programs have thrived due to the cooperation of local leaders. Imagine the impact if entrepreneurship-focused initiatives were institutionalized at the barangay level. Every barangay captain, town councilor and mayor could prioritize MSMEs, leading to increased livelihoods and jobs – two critical elements for the prosperity and happiness of our communities. When local officials recognize the potential of MSMEs, they can create programs that provide training, funding and mentorship opportunities tailored to the needs of their constituents.

Moreover, it is essential to foster a culture of collaboration among various stakeholders. The government, private sector and civil society must work together to create a supportive environment for MSMEs. Public-private partnerships can play a crucial role in providing the necessary resources and infrastructure that small businesses need to thrive. For instance, training programs funded by the government can be delivered in partnership with private organizations, ensuring that entrepreneurs receive the most relevant and up-to-date information.

In addition to legislative support, we must also focus on creating a robust entrepreneurial ecosystem. This includes fostering innovation and creativity among young Filipinos by integrating entrepreneurship education into our school curriculum. By teaching students the fundamentals of business from an early age, we can cultivate a generation of entrepreneurs who are prepared to tackle the challenges of the future. Programs that offer mentorship, workshops and networking opportunities can help young entrepreneurs build the skills and confidence they need to succeed. Senator Bam was thinking ahead in this specific concern with his Youth Entrepreneurship Act.

As we move forward, let us rally behind our leaders who understand the transformative power of entrepreneurship. Let’s encourage them to pledge their commitment to MSMEs and push for more progressive policies that benefit our entrepreneurs. We must hold our elected officials accountable and ensure that they remain focused on the needs of MSMEs throughout their terms.

The future of our economy hinges on the success of our MSMEs. As we embrace this new political landscape, let us seize the opportunity to advocate for policies that uplift our entrepreneurs, create jobs and stimulate economic growth. By working together – government officials, entrepreneurs and citizens – we can build a brighter future for the MSME sector in the Philippines. Together, we can foster an environment where innovation thrives, and every Filipino has the opportunity to turn their entrepreneurial dreams into reality.

Let us champion the cause of MSMEs and ensure that they remain at the forefront of our national agenda. The prosperity of our nation depends on it, and with leaders like Senator Bam Aquino on our side, I am optimistic that we can achieve great things for our entrepreneurs and, ultimately, for the Filipino people.

Originally Published in Philippine Star