- Exemption from Taxes and Fees. – All BMBEs shall be exempt from income tax for income arising from the operations of the enterprise.
- Exemption from the Coverage of the Minimum Wage Law. The BMBEs shall be exempt from the coverage of the Minimum Wage Law. Provided, That all employees covered under this Act shall be entitled to the same benefits given to any regular employee such as social security and healthcare benefits.
- Credit Delivery. – Upon the approval of this Act, the Land Bank of the Philippines (LBP), the Development Bank of the Philippines (DBP), the Small Business Guarantee and Finance Corporation (SBGFC), and the People’s Credit and Finance Corporation (PCFC) shall set up a special credit window that will service the financing needs of BMBEs registered under this Act
- Technology Transfer, Production and Management Training, and Marketing Assistance. – A BMBE Development Fund shall be set up with an endowment of Three Hundred Million Pesos (P300,000,00) from the Philippine Amusement and Gaming Corporation (PAGCOR) and shall be administered by the SMED Council.
Registration and Operation:
The Office of the Treasurer of each city or municipality shall register the BMBEs and issue a Certificate of Authority to enable the BMBE to avail of the benefits under this Act. The LGUs shall issue the Certificate of Authority promptly and free of charge. However, to defray the administrative costs of registering and monitoring the BMBEs, the LGUs may charge a fee not exceeding One Thousand Pesos (P1,000.00).
As much as possible, BMBEs shall be subject to minimal bureaucratic requirements and reasonable fees and charges.
Read the full RA9178 text here