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Camarines Sur Rep. Luis Raymund Villafuerte (File photo) MANILA - A lawmaker on Friday called on Congress to look into the Commission on Audit's (COA) discovery that PHP4.99 billion, or over half of the funds allocated for loan distribution to micro, small, and medium enterprises (MSMEs) under the Bayanihan to Recover as One Act (Bayanihan 2), was never used by the intended beneficiaries. Camarines Sur Rep. Luis Raymund Villafuerte said Congress should get to the bottom of the COA report that more than half of the funds intended to rescue MSMEs, particularly those in the tourism sector, remained idle until Bayanihan 2's extended effectivity lapsed in June last year. According to the COA report dated March 2, the Small Business Corp. (SBC), as of June 30, 2021, released just PHP4.09 billion of the PHP9.08 billion earmarked for the Department of Trade and Industry's Covid-19 Assistance to Restart Enterprises (CARES) Program, for distribution as collateral-free, zero-interest
(File photo) MANILA- A lawmaker on Friday urged economic managers to seriously consider expanding the various subsidy programs for micro, small, and medium enterprises (MSMEs) to help them recover from the impact of the coronavirus pandemic. Marikina City Rep. Stella Quimbo said programs such as the Department of Trade and Industry's Livelihood Seeding Program - Negosyo Serbisyo Sa Barangay (LSP-NSB) could help get small businesses restarted, and for them to eventually muster "enough confidence" to avail of the expanded loan programs. "Subsidies are especially important today, with the series of oil price hikes," Quimbo said. She pointed out the risk aversion of MSMEs to loans, as the percentage of MSME loans to total loans in 2020 and the first semester of 2021 were both 7.6 percent, which is lower than pre-pandemic rates of 8.8 percent in 2019, according to Bangko Sentral ng Pilipinas data. Quimbo cited the Commission on Audit (COA) report dated March 2, 2022
SMALL Business Corp. (SB Corp.) expects to receive more loan applications from the tourism sector following the easing of quarantine measure that allowed more mobility for travel. In a statement on Thursday, the financing arm of the Department of Trade and Industry (DTI) said demand for additional financing from the…