The local government in Iloilo unveiled on Thursday the Nano Enterprise Incentives Ordinance that is designed to assist small business owners through various programs and incentives.

Mayor Raisa Treñas, in her message, said nano entrepreneurs include sari-sari stores, carinderia, parlors, and those with a capital of PHP250,000 and less.

“For the next five years, we will have graduated discounts to legitimize your business,” she said, adding that under the ordinance, there will be training and assistance from the government.

Qualified nano enterprises will receive a 75-percent discount on regulatory fees and business tax in their first year of registration, followed by 50 percent in the second year and 25 percent in the third year.

The plan, the mayor said, is to make interventions similar to the Uswag Negosyo Academy (UNA), where entrepreneurs will be trained on merchandising, financial literacy and business management.

Upon completion, they will receive an additional PHP5,000 seed capital.

Treñas also shared the city’s vision that after five years, nano enterprises will no longer remain “nano” but will evolve into larger, more sustainable businesses.

Joining the launch at the Iloilo Freedom Grandstand were Councilor Miguel Treñas, who authored the ordinance, and concerned government offices and private sector partners.

Banks and other financial institutions set up on-site booths, allowing participants to directly access financial services during the event. (PNA)