THE Bacolod City Council approved a resolution urging immediate assistance for micro, small, and medium enterprises (MSMEs) adversely affected by the continuing rise in fuel prices driven by the global oil crisis.
Councilor Caesar Distrito, who authored the resolution, called on Mayor Greg Gasataya to mobilize key city offices, including the Department of Local Economic Development Investment Promotion, and the City Livelihood and Cooperative Development Office, in coordination with the Department of Social Services and Development (DSSD), to provide timely and targeted support to struggling local businesses either through financial assistance or through loans.
The resolution highlights the critical role of MSMEs as the backbone of Bacolod’s local economy, providing employment and sustaining thousands of families.
However, Distrito, chairperson of the City Council committee on human resource and development, said that escalating fuel costs have significantly increased transportation, production, and operational expenses, placing many enterprises at risk of downsizing or closure.
He said to address these challenges, the measure strongly recommends the granting of financial assistance or the establishment or facilitation of accessible, low-interest loan facilities tailored specifically for MSMEs affected by fuel price volatility.
It also encourages partnerships with government financial institutions such as the Small Business Corporation, Land Bank of the Philippines, and Development Bank of the Philippines.
“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,” Distrito said.
Beyond financing, he said it also promotes complementary interventions, including fuel subsidies for qualified sectors, business continuity assistance, financial literacy programs, and streamlined access to credit.
City officials underscored the urgency of the measure, noting that immediate intervention is necessary to cushion the economic impact on local enterprises, preserve jobs, and maintain economic stability in Bacolod City. (MAP)