Bacolod City Council Approves Resolution for MSME Support Amid Fuel Crisis
The Bacolod City Council has taken decisive action by approving a resolution that urges immediate assistance for micro, small, and medium enterprises (MSMEs) adversely affected by the continuing rise in fuel prices, driven by the ongoing global oil crisis. This move underscores the city's commitment to safeguarding its local economic backbone during these challenging times.
Call to Action for City Offices
Councilor Caesar Distrito, who authored the resolution, has called on Mayor Greg Gasataya to mobilize key city offices to provide timely and targeted support to struggling local businesses. The resolution specifically highlights the need for coordination with the Department of Local Economic Development Investment Promotion, the City Livelihood and Cooperative Development Office, and the Department of Social Services and Development (DSSD).
The proposed assistance includes financial aid or accessible, low-interest loan facilities tailored specifically for MSMEs impacted by fuel price volatility.
Critical Role of MSMEs in Local Economy
The resolution emphasizes the critical role of MSMEs as the backbone of Bacolod's local economy, providing employment and sustaining thousands of families. However, Distrito, who chairs the City Council committee on human resource and development, pointed out that escalating fuel costs have significantly increased transportation, production, and operational expenses.
This financial strain places many enterprises at risk of downsizing or even closure, threatening the economic stability of the city.
Proposed Interventions and Partnerships
To address these challenges, the measure strongly recommends several key interventions:
- Granting of financial assistance to affected MSMEs.
- Establishment or facilitation of low-interest loan facilities.
- Encouragement of partnerships with government financial institutions such as the Small Business Corporation, Land Bank of the Philippines, and Development Bank of the Philippines.
Distrito stated, "MSMEs are the lifeblood of our local economy. In times of crisis, it is our duty to ensure that they are supported, protected, and given every opportunity to survive and grow."
Complementary Support Measures
Beyond financing, the resolution promotes complementary interventions to bolster MSME resilience. These include:
- Fuel subsidies for qualified sectors to alleviate immediate cost burdens.
- Business continuity assistance to help enterprises adapt and sustain operations.
- Financial literacy programs to enhance management skills.
- Streamlined access to credit to reduce bureaucratic hurdles.
Urgency of Immediate Intervention
City officials have underscored the urgency of this measure, noting that immediate intervention is necessary to cushion the economic impact on local enterprises. Preserving jobs and maintaining economic stability in Bacolod City are paramount goals, as the global oil crisis continues to exert pressure on small businesses.
The resolution serves as a proactive step to mitigate the adverse effects of fuel price hikes and support the vital MSME sector in Bacolod.
