House approves Guide bill on second reading

Batasang Pambansa plenary. —MALACAÑANG FILE PHOTO

MANILA, Philippines — The Government Financial Institutions (GFIs) United Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill has been approved on second reading at the House of Representatives.

During Wednesday’s session, the House approved the bill — the first proposed measure filed under the chamber in the 19th Congress — via viva voce.

Under the said bill, P7.5 billion would be allocated to the Land Bank of the Philippines and P2.5 billion to the Development Bank of the Philippines (DBP) or a total of P10 billion for micro, small, and medium enterprises (MSMEs) that may need assistance for their businesses.

This is open especially for MSMEs affected by the COVID-19 pandemic.

But before the bill was approved, amendments were introduced by Gabriela Rep. Arlene Brosas, like the deletion of the whole Chapter 3 of the bill.  The said portion discussed the creation of a special holding company which would be the investment vehicle.

The bill was authored by House Speaker Ferdinand Martin Romualdez, Ilocos Norte 1st District Rep. Ferdinand Alexander Marcos, and Tingog Reps. Yedda Marie Romualdez and Jude Acidre.

At the committee level, it was consolidated with bills like those filed by Albay 2nd District Rep. Joey Salceda, Davao City 1st District Rep. Paolo Duterte, and Benguet Rep. Eric Go Yap.

READ: House panel OKs bill expanding lending programs to MSMEs hit by COVID-19 

This is not the first time that the GUIDE was introduced in Congress. In the 18th Congress, the House had already approved a similar bill on the third reading, but it did not reach the President’s desk due to time constraints in the Senate.

Last January 8, former House Speaker Lord Allan Velasco asked the Senate to pass eight priority bills, including the GUIDE Act, before the campaign period for the 2022 elections.

READ: House pushes 8 priority bills 

JPV