THE SENATE passed on second reading on Tuesday a bill seeking to raise the global competitiveness of Philippine products, especially those made by smaller companies.
Senate Bill No. 2426, or the Tatak Pinoy (Proudly Filipino) Strategy Act, which was written by Senator Juan Edgardo M. Angara, “will empower domestic enterprises, be they small or medium sized… to become more globally competitive; to help them produce more sophisticated products; and provide exceptional, world-class services,” the Senator said in a post on the X microblogging platform, formerly known as Twitter.
The measure, if passed, will establish a council to oversee government initiatives to assist domestic enterprises in order to reduce the Philippines’ reliance on foreign products.
The body would be headed by the Secretary of Trade and Industry, and co-chaired by the Secretaries of the National Economic and Development Authority and Finance. Private sector representatives will also be part of the council.
Under the bill, domestic products will be given priority in government procurement. It also seeks to expand the capacity of micro, small, and medium enterprises to produce items comparable in quality to those of foreign counterparts.
Mr. Angara has said the bill is expected to help the Philippines achieve its goal of becoming a middle-class economy by 2040.
“Supporting domestic industries and hastening the process of transforming the Philippine economy demands that stakeholders from the public and private sectors organize, plan, align, and integrate their respective efforts,” he told the Senate, sitting in plenary, earlier this month. — John Victor D. Ordoñez