Articles worth reading

PH posts 90.1% Covid-19 recovery rate

account_balanceMetro Manila access_time4 days ago

The Department of Health (DOH) announced on Saturday a 90.1-percent recovery rate from the coronavirus disease (Covid-19), according to a report by Philippine News Ageny. The DOH said the total number of recoveries in the country is now at 375,548 a...

Photo Courtesy of Ariel Gatchalian / Pasay PIO

Pasay to launch e-jeepneys in December

account_balancePasay access_time4 days ago

Nagpulong ang mga opisyal ng Global Electric Transportation (GET) Philippines, Inc. sa pangunguna ng presidente ng kumpanya na si G. Freddie Tinga (ikalawa mula sa kaliwa sa unang larawan), at ang mga kinatawan ng Pasay LGU na sina Traffic and Parkin...

Higher budget sought for Filipino athletes

account_balanceMetro Manila access_time4 days ago

Some senators called for additional funds for the national athletes ahead of a busy 2021, according to a report by Philippine News Agency. The call, led by Senate Majority Leader Juan Miguel Zubiri, was made during the plenary session for the Philip...

Metro News

Consumer confidence remains to pick up 

account_balanceMetro News account_circleMichael Lim chat_bubble_outline0 Comments

Only five percent of the businesses in the Philippines remain closed amid the COVID-19 pandemic, the Department of Trade and Industry (DTI) said but consumer confidence has yet to pick up, according to a report by GMA News.

There are 1.42 million registered businesses in the country and 99.6% of them are considered micro, small, and medium enterprises, Senator Francis "Kiko" Pangilinan said during the plenary deliberation on DTI's proposed P22.012-billion budget for 2021. He asked how many are still hampered from operating due to the pandemic.

"For closed establishments and MSMEs nationwide, as of end-June there was 38%, end of August was 9%, end of October was 6%, and November was 5%," Senate Committee on Finance chairperson Sonny Angara answered after receiving information from DTI representatives.

Pangilinan clarified if this meant that the rest are already back in operation.

"Yes, 95% have reopened but they may not necessarily be generating the same amount of business... Probably a lot have diminished—the retail sector, the transport sector, the tourism sector," Angara said. "Theoretically they are open but in actuality and as reflected by the third quarter economic figures, the confidence is not there."

he Philippine economy continued to contract in the third quarter of the year, based on data released by the Philippine Statistics Authority. Economic growth averaged -10% in the first nine months of 2020.


Status of Bayanihan aid

Under the Bayanihan to Recover as One Act or Bayanihan 2, P10 billion was allocated for the DTI to help distressed businesses through the COVID-19 Assistance to Restart Enterprises (CARES) Program but only a tenth has been transferred to its coffers, so far.

"I was told that out of the P10 billion we appropriated in Bayanihan 2, only P1 billion has been released as of today, November 18, and that DTI has approved 1,660 loans equivalent to around P1.2 billion," Angara said.

"They have received over 26,000 loan applications starting November. They hope the money can be released so they can process even more of these loans," he added.

The senators were bothered that the remaining P9 billion has yet to be released by the Department of Budget and Management and called for the latter's quicker action so that the appropriations under the emergency measure may be utilized.

Angara said Congress may have to really consider the motion to extend the validity of the Bayanihan 2 beyond December 19, considering the circumstances.

Later on, Angara corrected the initial figures he mentioned about the amount released by the DBM to Small Business Corporation (SB Corp.) under the DTI.

"The DBM has released P8 billion already to it. We apologize for the earlier confusion. DBM has released P8 billion to SB Corp. and SB Corp. has released P1 billion to over 1,600 borrowers," he said.

He added that the amounts released by the DBM to the SB Corp. will not revert back to the treasury should it not be distributed to borrowers within the year. 

date_rangeDate Published
1 week ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Senator Sherwin Gatchalian

Gatchalian wants typhoon-resistant school buildings 

account_balanceMetro Manila chrome_reader_mode4 days ago

Senator Sherwin Gatchalian asjed the Department of Education (DepEd) and the Department of Public Works and Highways (DPWH) to convert school buildings into typhoon-resistant structures, according to a report by Philippine News Agency. Considering t...

Presidential Spokesperson Harry Roque / PCOO

Politics won't taint Covid-19 vaccination 

account_balanceMetro Manila chrome_reader_mode30 minutes ago

The national government’s vaccination drive against the coronavirus disease 2019 (Covid-19) will not be tainted by politics, according to a report by Philippine News Agency. In a Palace press briefing, Presidential Spokesperson Harry Roqu...

BSP denies spending millions on logo

account_balanceMetro Manila chrome_reader_mode1 day ago

The Bangko Sentral ng Pilipinas (BSP) denied spending millions of pesos to develop a new logo. In a statement, the central bank said that “its new logo was developed by in-house talents who shared their skills in the process.” &ldq...

The struggles in 2020 of the casino industry in the Philippines

account_balanceMetro Manila chrome_reader_mode2 months ago

Do you want to learn more about the challenges and predictions for the gambling industry in the Philippines? Find all answers in this article!

Let's Stay Connected Like us on our Facebook page.
Click on the article to continue reading
Solar-powered bike pit stop opens in San Juan DOTr wont apprehend vehicles without RFID until Jan. 1Covid-19 cases in NCR on a decline Maynilad service interruption expected until Nov. 29PNP chapels to limit Simbang Gabi crowd to 30% All UP students likely to pass this semester About 6 million Filipinos register for national ID Expressways ready to enforce cashless transactions by Dec. 1 Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature