The Davao City Chamber of Commerce and Industry Inc. (DCCCII) has urged banks and other lending institutions to help businesses recover from the financial setbacks brough by the COVID-19 pandemic.
In a press release over the weekend, John Carlo Tria, DCCCII president, said: “Recovery will be slow and will be long term, and many businesses do not want to be in more debt than they need to be in order to recover.
“We urge banks and credit cooperatives to perform a ‘heroic role’ by extending financial planning assistance to their clients since they have a more intimate relationship with businesses large and small. This capability will also ensure that they get stable clients over the long term,” Tria said.
He a added that helping businesses rise up can “develop enduring banking relationships” with their partners, banks and financial institutions.
DCCCII had an online meeting with banks and financial institutions and discussed the financial products that they will offer to businesses and individuals and they were able to tap some that provided financial programs.
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 this.
The Land Bank of the Philippines also offers Calamity Rehabilitation Support (CARES Program) which provides financial support to sectors that are severely affected by natural and man-made calamities; and I-RESCUE (Interim REhabilitation Support to Cushion Unfavorably-affected Enterprises by COVID-19) Lending Program which provides financial relief by credit and loan restructuring under more flexible terms and conditions.
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.
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.
Aside from those entities, the Department of Trade and Industry (DTI) also offers COVID 19 Pondo Para sa Pagbabago at Pag-Asenso Enterprise Rehabilitation Fund (P3-ERF) for Micro, Small, and Medium Enterprises (MSMEs).
On the other hand, the Securities and Exchange Commission (SEC) ordered financing and lending companies to defer the collection of payments and charging of penalties.
“These innovative products from government financial institutions such as the Land Bank, DBP and Small Business Corporation can help many of our struggling businesses,” Tria said.
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