The business community welcomed the Senate ratification of the Bayanihan Recovery to Heal As One saying that even if the P165 billion economic stimulus package is a bit modest this should help ease the economic difficulties of domestic establishments when properly and efficiently implemented.
As such, Yujuico urged that a bigger part of the P25.5 billion standby fund under Bayanihan 2 should be allocated to the two financing agencies Land Bank of the Philippines and Development Bank of the Philippines. “We are happy that health is the focus, which is key to opening the economy. Big funding is set aside for credit and we urge the government to ensure that it can be accessed easily especially by small businesses,” said MAP President Francis Lim.
“We also call all those concerned to use the funds for the best interest of the country and welfare of our countrymen as they are duty-bound to do,” Lim added. “This is already something. This will help businesses big and small,” said Francis Chua, founder and chairman of International Chamber of Commerce of the Philippines.
Meantime, the Confederation of Philippine Manufacturers of PPE lauded the provision in the Bayanihan 2 mandating government agencies to prioritize locally manufactured personal protective equipment in their procurement over imports.