LANAO DEL NORTE — Department of Trade and Industry (DTI) Lanao del Norte encourages more micro enterprises in Iligan City and Lanao del Norte to register their businesses and avail of incentives under the Barangay Micro Business Enterprise (BMBE) Law through a series of BMBE Forum with Bureau of Internal Revenue (BIR) and Department of Labor and Employment (DOLE).

The BMBE Forum will be held on February 17 in Iligan City; February 21 in Kolambugan, Lanao del Norte; and February 23 in Lala, Lanao del Norte.

BMBE is any business enterprises engaged in production, processing, or manufacturing of products, including agro-processing, as well as trading and services, with total assets of not more than P3 million. The assets shall include those arising from loans but not the land on which the plant and equipment are located.

Benefits under BMBE are income tax exemption for income arising from operations of the enterprise, exemption from the coverage of the minimum wage law (but BMBE employees are still entitled to the same social security and health care benefits as other employees); priority to a special credit window set up specifically for the financing requirements of BMBEs; and technology transfer, production and management training, marketing assistance programs for BMBE beneficiaries.

Registration and issuance of BMBE Certification is free of charge.

For more information on how to join the BMBE Forum in Iligan City and Lanao del Norte, visit the official Facebook page of DTI Lanao del Norte.♦

Date of Release: 16 February 2023