More industries call for inclusion in rescue plan

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    The chemical and aerospace industries have called for the inclusion of manufacturing and construction in the list of sectors that would benefit from the proposed Bayanihan to Recover as One Act.

    In separate letters, the Samahan sa Pilipinas ng mga Industriyang Kimika (SPIK) and the Aerospace Industries Association of the Philippines (AIAP) expressed support to calls to give funding allocations to these sectors under the Bayanihan 2 noting their importance to the economic recovery of the country from the impact of the new coronavirus disease 2019 (COVID-19).

    “.Considering that the manufacturing sector especially for products such as electronic components, coatings, sealants, cement, steel products, roofing materials, food, disinfectants, pharmaceuticals and others is in synergy with the construction industry which provides the infrastructure to support the manufacturing resurgence program of the government. As the manufacturing sector expands, there will be more employment opportunities for quality jobs and the need for skilled workers for the construction of more warehouses, factories, road networks and bridges for faster and more efficient transfer of raw materials and products,” said Jeffrey Mijares, executive director of SPIK, in his letter to Secretary Ramon Lopez of the Department of Trade and industry.

    In his letter to Rep. Lray Villafuerte and Sen. Sonny Angara, AIAP president Dennis Chan said the group supports a provision in Accelerating Recovery to Intensify Solidarity and Equity allowing state banks to invest or enter into a joint venture agreement to incorporate a special holding company and assist strategically important companies affected by COVID-19 pandemic to address solvency issues in agriculture, infrastructure, service and manufacturing and other industries.

    “Most airline associated supply chain are greatly affected and this provision can maintain and sustain the industry so it will be able to get back on track if there is a need for government to be part of that company to ensure the survival of certain companies deemed strategic,” Chan said.

    Chan said AIAP also backs a proposal for the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission to adopt measures, including the relaxation of regulatory and statutory restrictions and requirements for a period of not more than 10 years from their date of effectivity to encourage the banking industry and other financial institutions to extend loans and other forms of financial accommodation to help business recover from the economic effects of COVID-19 crisis and to enable the banking industry to manage appropriately its risks and potential losses.

    “(This provision) will surely help companies in ensuring that their obligations are given 10 years to help businesses recover. The period hopefully is ample time for the solution for a vaccine and return to the skies,” Chan said.