Philippine News Agency
Financial relief, a big help to MSMEs
President Rodrigo Duterte urged the Bangko Sentral ng Pilipinas (BSP) and other financial institutions to grant regulatory relief to micro, small, and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
He specifically called for loan payment extensions without penalties and charges to prevent business collapses.
MSMEs constitute 99.52% of all business establishments in the Philippines and over 525,000 had to halt operations due to lockdowns.
MSME owners in Antique welcomed the directive, stating that any financial relief would be a big help as they slowly reopen.
One business owner noted that their store, which sells non-essential goods, was only allowed to reopen in June after being temporarily closed during the enhanced community quarantine (ECQ).
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