The EDC-NC on Financing recently re-submitted its position paper supporting the passage of HB 4498 “An Act to Further Promote Entrepreneurship by Strengthening, Empowering and Enhancing the financing Programs For Micro, Small and Medium Enterprises, Amending for the Purpose of Republic Act No. 6977, As Amended, Otherwise Known as the Magna Carta for Small Enterprises and For OTher Purposes”. The proposed bill will not only strengthen, empower and enhance the financing programs, but also broaden and facilitate MSMEs access to financing. In addition, , the said amendatory bill includes establishment of a guarantee system and guarantee fundfor distressed enterprises as insurance against extraordinary disasters, removal of BSP’s regulatory powers over SB Corporation in order for the latter to do its developmental nature and mandate, extension of the mandatory lending for another ten (10) years and out-of-the-box financing model for MSMEs. The EDC is hopeful that the bill can be passed before R.A. 9501 expires on May 2018.