House Appropriations Committee approve in principle funding provision of GUIDE Act
The House Committee on Appropriations approved “in principle” on Tuesday the funding provision of the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery Act, which now seeks to grant additional paid up capital of P7.5 billion and P2.5 billion to the Land Bank of the Philippines and Development Bank of the Philippines to assist the country’s micro, small, and medium enterprises unfavorably affected by the COVID-19 crisis.
Cua is the chairperson of the House Committee on Banks and Financial Intermediaries and the main proponent of the GUIDE measure which seeks to grant incentives and exemption privileges to government financial institutions, including the LBP and the DBP, to further strengthen their capacity to financially aid the country’s MSMEs.
“So in the proposed GUIDE Bill, formerly the amount for Land Bank that is envisioned as equity infusion is P35 billion. In the Bayanihan 2, together with the standby provisions, what has already been provided under the bill is P27.5 billion. So our intention, Mr Chair, is able fill up the P35 billion that is originally incorporated under GUDE bill for Land Bank, so for this provision in the GUIDE bill , we are proposing an additional P7.
“As for Philippine Guarantee [Corporation], the P5 billion that is already incorporated in the GUIDE bill has already been provided under the Bayanihan 2 bill, so there is no need for additional equity infusion for Phil Guarantee under the GUIDE bill,” she said.
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