Banks are offering financial products to help businesses and individuals cope with the financial setbacks brought by the COVID-19 pandemic, an official of the Davao City Chamber of Commerce and Industry Inc. (DCCCII) said.
In a press statement, DCCCII President John Carlo Tria said he had an online meeting with representatives of local financial institutions to discuss the financial products that they will offer to businesses and individuals.
The Small Business Corporation (SB Corp.) launched a P1 billion Enterprise Rehabilitation Financing facility under the Pondo sa Pagbabago at Pag-Asenso named COVID-19 P3-ERF in response to the proposal.
Aside from that, Land Bank of the Philippines also offers Calamity Rehabilitation Support (CARES Program) which now provides financial support to sectors that are severely affected by natural and man-made calamities for individual small farmers and fishers, livestock raisers, large agri-enterprises (LAEs), salaried workers, and academic institutions, along with the initial list of beneficiaries of the program which are the local government units, disaster-affected homeowners, small and medium enterprises (SMEs), cooperatives, non-government organizations (NGOs), and partner financial institutions.
Development Bank of the Philippines (DBP) also offers Rehabilitation Support Program on Severe Events program (RESPONSE) which aims to provide rehabilitation financial support to DBP and non-DBP borrowers, both public and private institutions, who have been affected by calamities and/or events arising from the occurrence of such calamities.
Finally, the Rizal Commercial Banking Corporation (RCBC) offers a program called Rizal Biz Access Line that intends to bridge account receivables/business short term expenditures, inventory build-up, funding of OPEX, and similar purposes.
These programs were the responses of the local financial institutions to the plea of the business group for them to provide relief to businesses and individuals by allowing delayed payment of loans, and a 60-day payment moratorium and restructure on all loan payments.
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