Sen. Miguel Zubiri yesterday said Senate hopes to pass a hybrid measure that will grant stimulus to businesses to rise above the pandemic.
This developed as the Department of Trade and Industry (DTI) is pushing for a 12-month extension of payment of existing loans as a relief to micro, small and medium enterprises (MSMEs)
At a forum hosted by the DTI, Zubiri said Senate is eyeing funding that is higher than the P140 billion originally set under the Bayanihan to Recover as One or Bayanihan 2 bill and as agreed with the Department of Finance (DOF).
Zubiri said when the Senate and House of Representatives will go into bicameral session on Bayanihan 2 Act, they will ask DOF to increase that allotment.
“In the bicameral session, we can amend (the bill) and can increase that,” he said.
The House had pushed for a much bigger P1.3 trillion fund under the Accelerated Recovery and Investments Stimulus for the Economy (ARISE).
Zubiri said Senate is pushing for Bayanihan 2 that is a mix of Bayanihan Heal as One Act or Bayanihan and the ARISE while the DOF wants them to be separate measures: extend Bayanihan 2 with a few incentives and pass ARISE.
“After the SONA (state of the nation address) next week, we hope to come up with a combination of both and come up with a figure, and pass it by the second week of August” Zubiri said.
The Bayanihan 2 version of Senate includes provisions that would grant continued assistance to displace workers; anti-hoarding measures; credit availability by increasing the amount to government agencies helping micro, small and medium enterprises, empowering the SB Corp. and the Land Bank of the Philippines and strengthening of Philguarantee and grant assistance to the trade, transport, tourism and agriculture departments.
Also at the forum, DTI Secretary Ramon Lopez urged Senate to come up with a policy towards the extension of the terms of MSME borrowers.
“That is not new money, The 12-month extension serves as a stimulus also … banks can extend the amortization so that borrowers are not pressured, “ Lopez said.
He added banks should then have a special treatment on their non-performing loans so they will not be penalized by the Bangko Sentral ng Pilipinas.