Femete Revives EmergeYa Initiative to Tackle Underground Economy in the Archipelago
Femete has renewed the EmergeYa initiative to combat the underground economy in the Archipelago, introducing new measures for transparency and responsible consumption.
Key Points
- • EmergeYa initiative renewed by Femete to combat underground economy.
- • Government subsidies and anonymous reporting services will be introduced.
- • Campaigns promoting responsible consumption are part of the initiative.
- • A focus on transitioning businesses from the informal to formal economy.
The EmergeYa initiative, designed by the Federation of Medium and Small Companies of Tenerife (Femete), has been renewed to combat the underground economy across Spain's Archipelago. Launched in response to ongoing challenges posed by unregistered employment and illicit economic activities, the initiative is set to introduce new governmental support measures aimed at fostering transparency and encouraging responsible consumption.
The renewal was officially announced on August 16, 2025, following comprehensive consultations with various stakeholders. Femete’s initiative incorporates a multi-faceted approach comprising government subsidies, confidential reporting services for irregular activities, and campaigns promoting the benefits of compliant economic behaviors.
Key components of EmergeYa include offering financial incentives to businesses that systematically report their transactions and operations. These subsidies are intended to help transition businesses from the shadow economy into the formal market. The project's representatives emphasize that providing a safe, anonymous channel for reporting illegal practices will empower citizens to play an active role in curbing informal economic activities.
Femete highlights the significance of the underground economy, which detracts from the legitimate business sector and costs the government millions in lost tax revenues. By advocating for increased awareness about the risks and disadvantages of underground economy practices, EmergeYa aims to promote a culture of compliance among consumers and enterprises alike.
Femete's General Secretary added that, “We are fighting against a system that harms our economy and society at large. The EmergeYa initiative is not just about compliance, but about creating a fair competitive landscape for all businesses.” This renewed initiative represents a significant step towards restructuring economic activity and enhancing the overall business climate in the affected regions.
The EmergeYa initiative will initiate its first phase with community outreach programs designed to educate the public on the benefits of reporting illicit economic behaviors and supporting compliant businesses. As part of a broader strategy, Femete plans to collaborate with government entities to implement these strategies effectively, highlighting the proactive measures being taken to ensure sustainable economic growth for the Archipelago.