DTI: P3.3B released to MSMEs under COVID-19 Assistance to Restart Enterprises
Only P3.3 billion of the P10-billion COVID-19 Assistance to Restart Enterprises has so far been released to pandemic-hit micro, small and medium enterprises (MSMEs) loan applicants under the Bayanihan to Recover as One Act or Bayanihan 2, the Department of Trade and Industry (DTI) said Friday.
“The distribution is ongoing, P3.3 billion out of P10 billion. There’s no backlog there. We’re the ones inviting, promoting because the take up is slower two months ago so we really had to promote,” DTI Secretary Ramon Lopez said in an interview over ABS-CBN News Channel when asked of the progress on assistance for MSMEs.
Under the Bayanihan 2, financial support amounting to P10 billion was allotted to the COVID-19 Assistance to Restart Enterprises (CARES) program to help mitigate the adverse impact of the pandemic on MSMEs.
Lopez surmised MSMEs were reluctant or worried about repaying behind the small number of loan applications.
Read more on The Philippine Daily Inquirer.
Manila among Southeast Asia’s most expensive cities to live in —study
Manila is one of the most expensive cities to live in in six Southeast Asian countries even as its residents have the lowest average salary across the region, a recent study revealed.
Research conducted by e-commerce aggregator iPrice found that the monthly cost of living is estimated at P50,800 for a single person per month, and P28,800 excluding rent.
This is slightly lower than Bangkok’s P51,500 per person, and Singapore’s which, according to iPrice’s study, is at least 132% higher than the others.
Manila’s cost of living is 33% higher than in Kuala Lumpur, and 24% in Jakarta.
Manila’s cost of living is higher than its average salary of P18,900 per month, which is the lowest estimated average net salary among the other cities based on Numbeo records.
Read more on GMA News Online.