House panel OKs bill for MSME aid

The House Banks and Financial Intermediaries Committee approved a bill on Friday aimed at providing financial support to MSMEs affected by COVID-19.

House Bill 6795, or the GUIDE Act, seeks to expand loan assistance programs and credit facilities for MSMEs through government financial institutions like PGC, LBP, and DBP.

The bill mandates an additional P20 billion increase in the government's subscription to PGC’s authorized capital stock to enhance its guarantee program for MSMEs.