Sen. Bong Go backs financial aid for middle class

Senator Bong Go has expressed support for providing financial aid to middle-class Filipino families affected by the COVID-19 crisis.

Go highlighted that many middle-class individuals, despite having jobs, have minimal savings and significantly contribute to the country's economy through taxes and consumption.

He urged banks and financial institutions to offer a grace period on loan payments and refrain from increasing interest rates for consumer and corporate loans.

The Bayanihan To Heal As One Act allows President Duterte to direct financial institutions to implement a minimum 30-day grace period for all loans, waiving interests and penalties.

This act also allocates funds for local governments and small to medium-sized enterprises (SMEs), including subsidizing employee salaries.

The government has allocated P205 billion for support to the informal sector and the healthcare sector, with additional aid for farmers, fishers, and other workers in the food value chain.

Go also appealed to big businesses in the private sector to help by supporting their employees and communities to augment government assistance.