The Small Business Corp. (SBCorp) has confirmed the “sluggish” uptake of supposedly easy loans by Covid-hit travel and tourism-related micro, small and medium enterprises at the height of the pandemic.
THE Small Business Corp. has confirmed the “sluggish” uptake of supposedly easy loans by Covid-hit travel and tourism-related micro, small and medium enterprises at the height of the pandemic, with these companies availing just P329-million worth of financing assistance or only 8.22 percent of the P4 billion set aside for MSMEs under the rescue package of the Bayanihan to Recover as One Act , a senior lawmaker said on Wednesday.
“But this infra spending plan for Tieza was subsequently hijacked as the House-approved tourism infra budget proposal of P10 billion was realigned during the bicam [bicameral conference committee negotiations on the then-Bayanihan 2 bill], all because of the vigorous lobbying among senators for the fund diversion by DOT [officials] in tandem with big-time [tourism] industry players,” Villafuerte, now the president of the National Unity Party , was quoted in a statement as saying.
“SBCorp looks forward to disbursing funds previously set aside for tourism MSMEs to multisectoral MSMES starting January 2023,” the state-run firm under the Department of Trade and Industry said. “It is worth noting that tourism MSMEs and other tourism-related establishments may still avail of loans under the terms for multi-sectoral MSMEs beginning January 2023.”VILLAFUERTE bemoaned that only P3.
Under the Bayanihan “Cares” component, Covid-hit MSMEs could apply for loans from P10,000 to P5 million each at zero interest and no collateral requirement.
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