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This page features the full text of
Republic Act No. 7882
AN
ACT PROVIDING ASSISTANCE TO WOMEN ENGAGING IN MICRO AND COTTAGE
BUSINESS
ENTERPRISES, AND FOR OTHER PURPOSES.
REPUBLIC
ACT NO. 7882AN
ACT PROVIDING ASSISTANCE TO WOMEN ENGAGING IN MICRO AND COTTAGE
BUSINESS
ENTERPRISES, AND FOR OTHER PURPOSES.
SECTION
1. Objective of the Act. — It
is hereby declared to be the objective of this Act to provide all
possible
assistance to Filipino women in their pursuit of owning, operating and
managing small business enterprises.
chan
robles virtual law library
Sec.
2. Coverage of the Act. — All
women who are citizens of the Philippines, at least eighteen (18) years
of age, regardless of civil status, shall enjoy the benefits provided
in
this Act.
Sec.
3. Women With Existing Micro
and Cottage Business. — Any woman who, at the time of the effectivity
of
this Act shall have been engaged for at least one (1) year in any micro
and cottage business, with a daily inventory of goods worth not more
than
Twenty-five thousand pesos (P25,000) or with any business equipment
with
a book value of not more than Fifty thousand pesos (P50,000) shall have
priority to obtain a loan not exceeding the value of her business
equipment
at prime interest rate or at the rate of twelve percent (12%) per
annum,
whichever is lower from any government financing institution: Provided,
That only women with good track record in sales shall be eligible to
obtain
such loan.
Sec.
4. Business Learner. — Any woman
who shall have been certified, after appropriate training by the
Technical
Education and Skills Development Authority (TESDA), or any government
or
government-accredited training institution as eligible to operate a
micro
and cottage business with a maximum capitalization of Twenty-five
thousand
pesos (P25,000) shall likewise be eligible in obtaining a loan under
the
same conditions as provided in the preceding Section: Provided,
That no loan for the operation of a retail store shall be granted: Provided,
further, That the loan shall be limited to the purchase of the
basic
equipment, tools and materials: Provided, furthermore, That
such
basic equipment and tools shall be subject to chattel mortgage in favor
of the government financing institution concerned.cralaw:red
Sec.
5. Technical Training. — The
office of the TESDA shall provide and conduct such necessary technical
training and programs, free of charge to all women who may avail of the
benefits provided in Section 4 hereof.
Sec.
6. Implementing Bureau. — The
function of accomplishing the objective of this Act is hereby given to
the Bureau of Small and Medium Business Development of the Department
of
Trade and Industry created under Executive Order No. 133, including the
authority to issue such necessary certification of eligibility to
obtain
a loan as provided in Sections 4 and 5 hereof.
Sec.
7. Assurance of Loan Availability.
— There shall be earmarked from the loan portfolio of all government
financing
institutions such amount of money equivalent to five percent (5%)
thereof
for purposes of implementing the provisions of this Act.
Sec.
8. Rules and Regulations. — The
Department of Trade and Industry shall promulgate such rules and
regulations
necessary to implement the provisions of this Act.chan
robles virtual law library
Sec.
9. Prohibited Acts. — The following
acts are hereby prohibited:
(a) to
sell mortgage, pledge or in any way encumber any of the equipment,
tools
or materials procured through a loan and obtained by virtue of this Act
while the loan has not yet been fully paid.
chanrobles virtuallaw libraryred(b) to
refuse, deny or delay without justifiable cause granting loans as
provided
in this Act.
Sec.
10. Penalty. — Any person who
may be found guilty of committing any of the prohibited acts provided
in
the preceding Section hereof shall be sentenced to suffer a penalty of
one (1) year imprisonment or a fine of not less than Five thousand
pesos
(P5,000) or both.
chanrobles virtuallaw libraryred
Sec.
11. Effectivity. — This Act shall
take effect fifteen (15) days after its publication in two (2)
newspapers
of general circulation.
Approved:
February
20, 1995
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