THE Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) proposes a number of measures to support micro, small and medium enterprises (MSMEs) now paralyzed by the enhanced community quarantine due to the new coronavirus disease 2019 (COVID-19) pandemic.
Henry Lim Bon Liong, president of FFCCCII, urged government and leaders to grant wage subsidies to help defray payroll costs of MSMEs for business continuity and labor retention.
FFCCCII also appealed to government to recommend to the banks to ease liquidity pressures of MSMEs through low-interest or interest-free loans or if possible arrange for the banks to approve credit relief or moratorium on loan payments for existing loans owed by the MSMEs.
Over the medium to long-term, the group sees the need to bolster the resilience and competitiveness of MSMEs.
To do these, Biong said MSMEs should be given grants for training programs and other ways to improve their businesses and incentivize those which adopt technologies with financial subsidies and technical support.
