DTI seeking more funds for small business loans
The trade department is seeking additional funding for small business loans, saying that it expects to commit P5 billion to finance such companies by the end of June.
The program for businesses affected by the economic downturn caused by the coronavirus disease 2019 (COVID-19) has tallied P4.5 billion worth of loans for 30,408 applicants, the Department of Trade and Industry (DTI) said in a statement Thursday.
“In view of this, there is a need to replenish this fund if we are to lend out to more MSMEs (micro-, small-, and medium-sized enterprises) affected by the pandemic,” Trade Secretary Ramon M. Lopez said.
The COVID-19 Assistance to Restart Enterprises (CARES) program of the Small Business Corp. draws P1 billion from the 2021 General Appropriations Act and P4 billion from Bayanihan II, or the Bayanihan to Recover as One Act.
Expecting these funds to be fully committed by the end of this month, Mr. Lopez said it “will be requiring replenishment as the country continues to rebuild economically from the ongoing worldwide pandemic.”
Read more on Business World.
RCBC unveils QR payments for retailers
Yuchengco-led Rizal Commercial Banking Corp. (RCBC) continues to lead digital financial innovation by being one of the participants in the pilot launch of a program to boost small businesses.
The bank has joined the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. (PMMI) as one of the pioneer participants in the pilot launch of the person-to-merchant (P2M) digital payments QR solution.
BSP Governor Benjamin Diokno said the new payment option would boost the commitment to transform the Philippines into a cash-lite from a cash-heavy economy by 2023 under its three-year Digital Payments Transformation Roadmap.
“This event marks another milestone achieving a cash-lite economy. It is expected to bring broad and wide-ranging benefits to both consumers and businesses by providing Filipinos with a convenient and safe alternative to the traditional payment methods that use cash and coins,” Diokno said during the launch.
With the P2M scheme, micro, small, and medium enterprises can offer a safe and convenient contactless payment option. Select merchants with InstaPay accounts with institutions participating in the pilot run may now use QRPh P2M to accept funds. Meanwhile, users will only need their smartphones to scan a merchant’s unique QR code when transacting.
Read more on PhilStar.com.