Published February 9, 2021, 8:47 PM
The House of Representatives on Tuesday, February 9, approved on third and final reading the bill that would provide government banks at least P55 billion to extend loans to micro-, small- and medium enterprises (MSMEs) that absorbed the heavy impact of the coronavirus disease (COVID-19) pandemic.
MANILA BULLETIN FILE PHOTO
A total 185 congressmen who attended the virtual plenary session voted for the passage of House Bill No. 7749 or the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act.
The six members of the Makabayan bloc who have consistently rejected several administration-backed measures were joined this time by ten other lawmakers who warned against the adverse effects of the bill.
House approves bill giving financial aid to MSMEs hit by pandemic
Feb 9, 2021 6:47 PM PHT
The House of Representatives gave its final approval to the bill equipping government banks to grant more loans to micro, small, and medium enterprises (MSMEs) heavily affected by the coronavirus pandemic.
Voting 185-16-2, lawmakers approved House Bill (HB) No. 7749, or the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act on 3rd and final reading on Tuesday, February 9.
The GUIDE bill would provide a total of P55 billion to 3 government financial institutions – the Philippine Guarantee Corporation (PGC), Development Bank of the Philippines (DBP), and Land Bank of the Philippines (Landbank) – so they could better help MSMEs get back on their feet.
Benjamin E Diokno: Philippine banking system - the green shoots of recovery
Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the MART General Membership Meeting, 16 November 2020. Central bank speech |
MART President Genevieve Faye A. Del Rosario, members and officers of the MART, ladies and gentlemen, good afternoon to all.
I wish to thank MART, our reliable partner in capital market development, for inviting me to share the BSP s initiatives towards economic and financial recovery in the new economy.
As we all know, the of the COVID-19 pandemic, is truly global. It affected all countries-developed, emerging, and third-world.
Published December 11, 2020, 2:57 PM
The Bangko Sentral ng Pilipinas (BSP) said it will limit the loans that banks can release to micro, small and medium enterprises (MSMEs) as part of alternative compliance with the reserve requirements (RR) to P300 billion, and P425 billion for large enterprises.
As of the reserve week ending November 12, MSME loans as alternative compliance to the RR has reached P123.6 billion. Loans to large enterprises, in the meantime, totalled P29.5 billion, based on preliminary data from the BSP.
In a statement Friday, BSP Governor Benjamin E. Diokno said that the “limits are calibrated based on different simulations and are meant to ensure that the use of loans as an alternative mode of compliance is in line with domestic liquidity conditions and projected growth.”