Gov't Adds Capital Of LBP, DBP To Speed Up Recovery
Land Bank of the Philippines and the Development Bank of the Philippines have been infused with additional capital to allow them to provide low-interest loans to the country's MSMEs or micro, small and medium enterprises as a way forward for planned economic recovery.
Photo Insert: More financing for the financiers as the Philippine government endeavors to get the economy back in the saddle.
This was announced by Finance Secretary Carlos Dominguez before the members of the Metro Manila Business Conference over the weekend as he cited that this capital hike for the state financing institutions is being complemented by the economic thrusts of the Bangko Sentral ng Pilipinas and the Philippine Guarantee Corp.
Our country is “well on its way to a solid rebound,” he told the MMBC participants at the virtual conference. “I am confident that our partnership will be even stronger as the Philippines blazes the path to sustainable and inclusive economic recovery.”
He said that the BSP has allowed the grant of loans by banking institutions to MSMEs as part of their compliance with reserve requirements., while the Philguarantee has opened a loan program for the MSME s last October.
Dominguez said the Department of Finance (DOF) has also quickly negotiated financing for the procurement of COVID-19 vaccines and started securing enough doses to be able to meet its goal of inoculating 100 percent of the adult population by year-end to speed up the reopening of the economy.
Also, the government is also continuously building up the public health care system and improving on tracking, tracing, and treatment methods to withstand any possible surge in infections, and eventually remove the pandemic as a determinant of how the economy performs.