Banks in Davao offer aid to private sectors due to COVID-19 lockdown

Private banks in Davao will aid the business sectors and private individuals to cope with the effects of lockdown due to the pandemic coronavirus disease 2019 (COVID-19), according to the Davao City Chamber of Commerce and Industry, Inc. (DCCCII).

DCCCII President John Carlo Tria said in a statement they did an online meeting with private banks to discuss measures needed to be taken in order to aid the business sector and private individuals alike as they recover from the effects of the COVID-19 pandemic.

Tria said the available initial financing products are:

  1. Small Business Corporation (SB Corp.) launched a PHP1-billion Enterprise Rehabilitation Financing facility under the Pondo sa Pagbabago at Pag-Asenso named COVID-19 P3-ERF.
  2. Land Bank of the Philippines’ “Calamity Rehabilitation Support” or CARES Program provides financial support to sectors that are severely affected by natural and man-made calamities or disasters, such as armed conflicts, and viral infection outbreaks. Initially the program was available for local government units, disaster-affected home owners, small and medium enterprises (SMEs), cooperatives, non-government organizations (NGOs), and partner financial institutions, such as rural banks. Recently they added individual small farmers and fishers, livestock raisers, large agri-enterprises (LAEs), salaried workers, and academic institutions such as schools, universities and colleges are eligible borrowers of this program as eligible borrowers of this program.
  3. Development Bank of the Philippines’ “Rehabilitation Support Program on Severe Events” program of RESPONSE is a program that intends to provide rehabilitation financing support to DBP and non-DBP borrowers, both public and private institutions, who have been adversely affected by calamities and/or events arising from the occurrence of such calamities.
  4. RCBC, on the other hand, has a program called Rizal Biz Access Line which aims to bridge account receivables/business short term expenditures, inventory build-up, funding of OPEX and similar purpose.

(Masiding Noor Yahya)

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