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THE Department of Trade and Industry (DTI) said about 2,000 loan applications were approved for micro-, small-, and medium-sized enterprises (MSMEs) last year out of a P10-billion allocation under the Bayanihan to Recover as One Act (Bayanihan II), underperforming a target to process 15,000 applications before the end of 2020.
PRESIDENT Rodrigo R. Duterte signed measures extending the validity of the funds authorized by the 2020 national budget as well as those appropriated for the government’s second stimulus package.
MEASURES extending the validity of the 2020 budget and the Bayanihan to Recover as One Act (Bayanihan II) until next year are now before President Rodrigo R. Duterte’s signature.
THE Philippine Ports Authority (PPA) said the shipping industry will receive assistance from the government’s second stimulus package in the form of subsidized port fees.
A LEGISLATOR urged the Department of Trade and Industry (DTI) to expedite the release of stimulus funds intended to help small firms stay afloat.
THE BUDGET department has released less than two-thirds of the P140-billion stimulus package under Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II), a month before the law expires.
THE BUDGET department released more funds from the government’s second stimulus package, but economists said the sluggish disbursement so far may hamper the Philippines’ recovery.
THE Government Procurement Policy Board (GPPB) issued new guidelines Saturday ordering preference for domestic bidders and small businesses when possible to ensure rapid procurement under Republic Act (RA) 11494, or the Bayanihan to Recover As One Act (Bayanihan II).
THE Air Carriers Association of the Philippines (ACAP) on Monday said about P700 million had been allocated for local airlines from the law that sets out the government’s recovery plan in response to the pandemic, on top of the P10 billion they expect from state financial institutions to lend to or invest in the industry.
THE P165-billion Bayanihan to Recover as One legislation is not expected to be sufficient for sustaining workers and companies through the pandemic, according to think tank IBON Foundation, Inc.
THE Bicameral Conference Committee has harmonized the Bayanihan II legislation, paving the way for both chambers to ratify the government’s economic recovery plan by next week at the latest.
THE SENATE will begin deliberations next week on the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will immediately cut corporate income tax to 25%.
THE SENATE prefers to legislate pandemic relief measures specific to financial institutions separately from the Bayanihan II bill, as opposed to the House of Representatives’ more integrated proposal, Senator Grace S. Poe-Llamanzares said at an online briefing Wednesday.