Micro, Small and Medium Enterprises (MSMEs) gets support from Cagayan de Oro City government.
The 18th City Council during its 38th Regular Session presided over by City Vice Mayor Raineir Joaquin V. Uy enacted an ordinance authorizing Mayor Oscar Moreno to enter into and sign the Memorandum of Agreement (MOA) with the Department of Trade and Industry-Region 10 (DTI-10) for the implementation of a 2016 BUB Project, entitled: Integrated Marketing Assistance for MSMES. Legislators, likewise, appropriated P1 million as the city’s counterpart for the project.
Under the MOA, DTI-10 shall provide the fund assistance in the amount of P4 million to be used exclusively for the implementation of the said livelihood poverty reduction project.
It shall also require the city, if the project has a provision for equipment/machinery, to purchase the same as indicated in the approved project proposal through a competitive public bidding in coordination with the LPRAT and the recipient civil society organizations.
The DTI shall, likewise, provide orientation /briefing and technical assistance to the city, partner CSO and/or proponent-beneficiaries whenever necessary or as may be requested, to ensure that both the technical and administrative concerns relative to the project are adequately addressed; monitor and inspect the project implementation of the City or the proponent-beneficiaries on a regular basis; and if necessary, verify the financial records and reports of the city or the proponent-beneficiaries, among others.
For its part, the city shall keep the DTI-10 informed at least three working days before the actual date of implementation of the project as well as the major phases of implementations, allocate counterpart fund of P1 million for the implementation of the said livelihood poverty reduction project; and utilize the amount received from DTI-10 solely for the approved project and for the purpose and line items as specified in the approved project proposals.
The legislation was reviewed by the committees on trade and commerce, on finance, budget and appropriations and on laws and rules chaired by Councilors George S. Goking, Edna M. Dahino and Ian Mark Q. Nacaya, respectively.