‘Make fund access under Bayanihan 2 easy’

A business organization on Friday welcomed the ratification of the Bayanihan to Recover as One Act (Bayanihan 2) bill, but urged the government to make sure businesses would easily access the funds allocated for credit under the measure.

In a statement, MAP President Francis Lim commended “Congress for enacting the Bayanihan to Recover as One Act, which is envisioned to stimulate the economy and help it
recover from the pandemic.”

“We are happy that health is the focus [of the bill], which is key to opening the economy. Big funding is set aside for credit and we urge the government to ensure that it can be
accessed easily, especially by small businesses,” he added.

According to Sen. Juan Edgardo “Sonny” Angara, the approved version of Bayanihan 2 has a budget of P140 billion for sectors affected by the coronavirus disease 2019 (Covid-19) pandemic. An additional P25 billion is on standby.

The measure, which would replace the already expired Republic Act 11469 or the “Bayanihan to Heal as One Act,” will be sent to Malacañang for President Rodrigo Duterte’s signature.

The bill will also provide almost P40 billion in funds for lending to businesses.

“Since the funds appropriated are extremely limited, we urge that disbursement be based on objective criteria, such as the sector’s contribution to GDP (gross domestic product), employment share, value-added contraction and their multiplier effect on the economy,” Lim said.

“We also call all those concerned to use the funds for the best interest of the country and welfare of our countrymen as they are duty-bound to do,” he added.

MAP also welcomes the removal of the bureaucratic red tape on the construction of telecommunications towers under the bill, noting that the “ball is now in the courts of the telcos to show drastic improvement of their services.”

It also commends the abolition of the tax on initial public offerings, which Lim said would “incentivize companies ready to offer their shares to the public to access the stock market for funding at this crucial time.”

Source: TheManila Times