IMEE: CONVERT BILLIONS IN BAYANIHAN LOANS TO DIRECT ASSISTANCE

Senator Imee Marcos has urged the government to convert the bulk of stimulus funds that are lying unused in state financial institutions and directly assist businesses hit hardest by the Covid-19 pandemic.

Marcos, who chairs the Senate committee on economic affairs, expressed alarm during Wednesday's committee hearing that international financial institutions like the World Trade Organization, World Bank, International Monetary Fund, and Asian Development Bank have forecast that the Philippines could become Asia's "laggard" in economic recovery due to the lack of economic stimulus funding.

"We can solve the sluggish disbursement of billions in stimulus funds by converting part of the budget for loan programs in state banks and pension funds into more direct forms of assistance like wage subsidies and job programs," Marcos said.

"For example, despite 65% of carinderias and small neighborhood shops having temporarily or permanently closed, this target group cannot access these loans, being mere barangay-level operations that are not qualified according to the requirements of the Small Business Corporation and the DTI (Department of Trade and Industry)," Marcos explained.

"Even MSMEs (micro, small and medium enterprises) that are capable and ready to borrow will hesitate to avail of loans while the pandemic continues. Until there is a clearer policy on imposing community quarantines, they will lack the confidence of being able to pay back," Marcos added.

Marcos cited that only Php3.3 billion has been lent out from the Php10 billion allotted to the DTI's CARES (COVID-19 Assistance to Restart Enterprises) program for MSMEs under Bayanihan 2.

The Php6 billion earmarked for the hard-hit tourism sector may also remain unutilized, "until a more expansive vaccine roll-out takes place and tourist confidence returns," Marcos said.

Funds provided by the Land Bank of the Philippines, Development Bank of the Philippines, and the Philguarantee Corporation are "similarly slow-moving," Marcos added.

"We need to convert billions pumped into banks and other financial institutions into 'ayuda' from the DSWD (Department of Social Welfare and Development), from DOLE (Department of Labor and Employment) through the CAMP and TUPAD programs, and increased assistance to the unemployed through the SSS (Social Security System), plus other direct subsidies for digitizing, retrofitting, retooling, and retraining MSMEs," Marcos said.

(Tagalog version)

IMEE: BILYON-BILYONG BAYANIHAN LOANS, GAWIN NANG DIREKTANG AYUDA

Hinimok ni Senador Imee Marcos ang pamahalaan na gawing direktang ayuda ang bulto ng hindi nagagamit na stimulus funds sa mga state financial institution upang maayudahan ang mga negosyong matinding tinamaan ng Covid-19 pandemic.

Sinabi ni Marcos, chairman ng Senate Committee on Economic Affairs, na nakakaalarma ang prediksyon ng mga international financial institution na tulad ng World Trade Organization, World Bank, International Monetary Fund, at Asian Development Bank na posibleng ang Pilipinas ang maging pinaka-makupad na makarekober ang ekonomiya sa Asya dahil sa kulang na pag-ayuda sa mga negosyo.

"Malulutas natin ang matamlay na pag-ayuda kung ang bahagi ng naturang badyet para sa mga programang pautang ng gobyerno ay gawing mas direktang tulong tulad ng subsidiya sa sweldo at programang pantrabaho," diin ni Marcos.

"Halimbawa, kahit 65% ng mga karinderya at maliit na mga tindahan ng mga kapitbahay ay pansamantala o permanenteng nakasara, hindi sila kwalipikadong makautang dahil barangay permit lang ang meron sila, base na rin sa patakaran ng Small Business Corporation at ng DTI (Department of Trade and Industry)," paliwanag ni Marcos.

"Kahit mga MSME (micro, small and medium enterprises) na may kakayahan at gustong mangutang ay magdadalawang-isip na kumuha ng loan habang nagpapatuloy ang pandemya. Habang magulo ang pagpapatupad ng mga community quarantine, hindi sila magkakaroon ng kumpiyansang makapagbayad," dagdag ni Marcos.

Binanggit din ni Marcos na nasa P3.3 bilyon lang ang nagamit mula sa P10 bilyong pondong inilaan ng DTI sa programa nitong CARES (COVID-19 Assistance to Restart Enterprises) para sa MSMEs sa ilalim ng Bayanihan 2.

Hindi rin magagamit ng buo ang P6 bilyong inilaan para sa mga nasa sektor ng turismo "hanggang sa magpatupad ng mas malawak na pagbabakuna at manumbalik ang kumpiyansa ng mga turista," ani Marcos.

Dagdag ni Marcos, "halos kasing-bagal" din nito ang paggamit sa mga pondong nasa Land Bank of the Philippines, Development Bank of the Philippines at Philguarantee Corporation.

"Kailangan nating i-convert o ilipat ang mga bilyong inilagak sa mga bangko at iba pang financial institutions ng gobyerno para maging 'ayuda' mula sa DSWD (Department of Social Welfare and Development), DOLE (Department of Labor and Employment) sa pamamagitan ng kanilang mga programang CAMP at TUPAD, at madagdagan ang tulong para sa mga walang trabaho sa pamamagitan ng SSS (Social Security System), at iba pang mga direktang subsidiya para sa digitizing, retrofitting, retooling, at retraining ng MSMEs," ani Marcos.