Duterte urges BSP, banks to aid MSMEs

President Rodrigo Duterte called on financial institutions and the Bangko Sentral ng Pilipinas (BSP) during his State of the Nation Address to extend loan accommodations to micro, small, and medium enterprises (MSMEs) without additional fees.

Entrepreneurs in Antique expressed that any financial relief would be crucial as their businesses suffered due to the enhanced community quarantine.

The Philippine Chamber of Commerce and Industry Iloilo chairperson welcomed the President's pronouncements, emphasizing the critical need for interest relief and loan extensions.

Trade Secretary Ramon Lopez reported in May that over 525,000 MSMEs had ceased operations due to lockdowns.