Sen. Grace Poe at the Senate. FILE PHOTO
MANILA, Philippines — The bicameral conference committee for the Bayanihan to Recover as One Act or the Bayanihan 2 has infused in the proposed measure a P45-billion fund for the Landbank of the Philippines and the Development Bank of the Philippines to provide for loans for micro, small, and medium enterprises affected by the coronavirus disease pandemic.
“It’s P45 billion [for] LandBank and DBP,” Poe, member of the bicam, said in a text message to INQUIRER.net on Wednesday, referring to the amount of funds for the loans that was allotted in the Bayanihan 2, which would provide a P162-billion fund for the country’s coronavirus disease response and recovery plan.
In an earlier Kapihan sa Manila Bay online forum, Poe said that senators at the bicam have suggested to not include the Financial Institutions Strategic Transfer (FIST) and the Acceleration Recovery and Investment Stimulus of the Economy (ARISE) bills in the consolidated Senate and House’s versions of the Bayanihan 2 bill.
“The Senate’s suggestion is not to include the FIST and ARISE in Bayanihan 2, that it will be a separate bill tackled, but we are already infusing close to P50 billion for the Landbank of the Philippines and the Development Bank of the Philippines so that they may have at least 50 billion to lend out to MSMEs and other companies affected by the pandemic,” she said.
However, in her text message to INQUIRER.net, Poe explained that the P50 billion was only the original proposal of the Senate, which included funds intended for the state-owned Philippine Guarantee Corporation.
She also noted the numbers are still “fluid till ratified.”
Trade Secretary Ramon Lopez also earlier said that a P50 billion to P55 billion stimulus package intended for the soft loans and working capital of MSMEs affected by prolonged lockdowns has been proposed under the bill.
The bicam is hoping to ratify the bill “next week or sometime as soon as possible,” said Poe.