Cebu Capitol to link MSMEs to financial institutions

Move to help MSMEs to cope with the economic impact of COVID-19 to their businesses

CEBU CITY, Philippines — The Cebu provincial government will link micro, small and medium enterprises (MSMEs) in the province with financial institutions to help them cope with the “economic challenges” of the coronavirus disease 2019 (COVID-19) pandemic.

Governor Gwendolyn Garcia said she would be setting a schedule to meet MSME representatives from each town and city in the province within the week to discuss options that they could take to survive the blows of the pandemic to their businesses.

Garcia said that amid the pandemic, even small businesses, and not only the poorest of the poor, might need a hand to get by.

Among these ordeals faced by the businesses whose operations may have ceased or reduced due to COVID-19 are the burden in paying for utility or operations cost and dues from loans that financed their start-ups.

“Nahibawo sab ta nga daghan kaayo ron nga mga negosyo ang naglisod. Daghan kaayo nga mga establisimyento nga labihan gyud kabug-at ang giatubang: pagbayad sa interes, pagbayad sa abangan, pagbayad sa bangko, sa prinsipal sa utang,” Garcia said.

(We know that a lot of our local businesses are also facing difficulties. Several establishments are burdened with the interest of their loans from the bank, the rent of their business space.)

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Garcia said she had already tasked the mayors to identify and send a representative of the MSME sector in their towns and cities for the meeting with the Department of Trade and Industry and financing solutions companies.

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“Makaprovide ang provincial government og link  aron kamo (the entrepreneurs) masayod unsa pod ang gihimo sa gobyerno  kabahin sa pagtabang sa mga abangan, tabang sa pagbayad sa utilities, unsa ang available nga financing aron maluag-luagan ang inyong gihambin,” Garcia said.

(The provincial government can link entrepreneurs to government efforts in helping them with their rental, utilities and the available financing options to help them with their burden.)

READ: DTI to act vs violations of 30-day grace period for residential, commercial rent during ECQ

Earlier, DTI has ordered for a 30-day deferment in the collection of residential or commercial rent with dues falling within the implementation of the enhanced community quarantine.

Trade Secretary Ramon Lopez, in an earlier press statement, said the policy is meant “to provide economic relief to Filipinos and MSMEs during the COVID-19 public health emergency.”/dbs