The Philippine Chamber of Commerce and Industry (PCCI) has asked the assistance of the Anti-Red Tape Authority (ARTA) how to fasttrack the approval by Small Business Corp, of the loan applIcations of micro, small and medium enterprises (MSMES).
ARTA Secretary Jeremiah Belgica recently met with PCCI officials where the business group cited the delay in the processing of the applications of MSMEs which they fear could hamper their recovery from the pandemic,
ARTA said it would review the processes of SB Corp. and identify steps that would hasten the processing time.
Bekgica said ARTA would then report its findings at the hearing of Senate Committee on Trade, Commerce, and Entrepreneurship on the effects of the new coronavirus disease 2019 on businesses.
In a separate statement, SBCorp. and the Development Bank of the Philippines (DBP) last month signed a memorandum of understanding on a hmarketing segmentation and strategic client referral process where the DBP’s MSME Recovery Program and SBCorp’s COVID-19 Assistance to Restart Enterprises (CARES) Program, which are both designed to accelerate the recovery of MSMEs, will complement for the purpose of providing a more efficient assistance to their target beneficiaries.
The two-way client referral process which will be based on the asset size of the enterprises pursuant to the individual mandate of the institutions and existing lending guidelines.
SB Corp. said DBP’s MSME Recovery Program is a complementary facility to the CARES Program as both programs offer similar low financing cost features, longer repayment terms and grace period, and collateral- free loan for amounts not exceeding P 3 million.
