The Trade Department is preparing a ₱1-billion fund to help small businesses restart operations after the Luzon-wide quarantine is lifted
, Cabinet Secretary Karlo Nograles said Wednesday.
Nograles, who serves as spokesperson of the Inter-Agency Task Force tackling the government's COVID-19 response, said the funds will be extended to micro, small and medium-scale enterprises or MSMEs under the Enterprise Rehabilitation Financing Program. Nograles said the loan will help small firms restart or restock"to avoid foreclosure of business assets," adding that the program will start once the quarantine is lifted. The amount will be charged against DTI's Pondo sa Pagbabago at Pag-asenso or P3 Program, which lets micro enterprises borrow anywhere between ₱5,000 up to ₱200,000 for a 1.5 percent interest rate per year and without other service fees — much cheaper than what is charged by banks and informal lenders.
President Rodrigo Duterte has restricted movement and business operations in the entire Luzon — including Metro Manila, the country's main financial hub — only allowing establishments offering critical services like healthcare, food preparation, banks, groceries, and media to report to work while the rest were told to stay at home to contain the spread of COVID-19.
Socioeconomic Planning Secretary Ernesto Pernia said Tuesday that the recovery package pledged for the private sector is in the works and would be rolled out before the scheduled lifting of the enhanced community quarantine in Luzon on April 13. Among the relief measures on the table are direct cash aid and tax breaks, with the perks being calibrated to keep these firms afloat.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lawmaker calls for month-long Luzon quarantine extensionMANILA, Philippines — Caloocan City 2nd District Rep. Edgar Erice on Wednesday asked the national government to extend the enhanced community quarantine (ECQ) imposed in the Luzon region for another
Read more »
PNP backs removal of redundant checkpoints during Luzon-wide lockdown
Read more »
Duterte announces P200-B aid for poor families affected by Luzon lockdown
Read more »
Duterte warns hoarders amid Luzon lockdown
Read more »
Anti-drug operations continue despite Luzon lockdown; P14M shabu seized
Read more »