TO lessen the impact of the possible economic drop, as predicted by economists, a lawmaker has urged President Benigno S. Aquino III to provide all-out support to micro, small and medium enterprises in the country.

Bayan Muna Rep. Teddy Casiño, chairman of the House committee on Small Business and Entrepreneurship Development, said the government should prepare for another economic slump similar to the 2008 financial crisis.

Economists have earlier predicted bad times for the local and international economy, which among the international indicators are the continuing crisis in the Eurozone and the unstable state of the U.S. economy.

Also, the local business process outsourcing (BPO) is being threatened, the real estate boom will come to a halt due to low demand, the pre-need industry is once again shaky and oil prices and other commodities continue to soar, reports said.

According to Casiño, for the economy and the business climate to improve in the country, one must start on the needs of local entrepreneurs.

Among his suggestions include:  reduce the cost of electricity and oil by initially removing or reducing the Value Added Tax; reduce the stringent requirements, fees and processes for putting up and sustaining a business or company; allow small firms to reap the benefits of historically low credit interest rates by rationalizing our credit systems and come up with a national strategy to consolidate micro and small firms in order to link them up with medium and large-scale enterprises.                                  Jester P. Manalastas