Business group pushes relief plan for MSMEs, agriculture workers

MANILA, Philippines — The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) is pushing for emergency relief measures including increased lending for micro, small and medium enterprises (MSMEs) in a bid to help alleviate the adverse impact of the coronavirus disease 2019 or COVID-19.

FFCCCII is also seeking cash aid for farmers, fisherfolk, freelancers and informal workers amid the enhanced community quarantine which has disrupted economic activity.

“We need to act boldly and vigorously to stave off economic recession and possible massive unemployment in the Philippines due to the global COVID-19 pandemic crisis,” FFCCCII president Henry Lim Bon Liong said.

Among the emergency relief measures proposed by the FFCCCII is for government to give loan guarantees to encourage banks to lend more for businesses, particularly to MSMEs.

Lim said further reduction in interest rates and bank reserve requirements would also free up more liquidity for lending to the sector.

The group also wants banks to suspend collection of interest and principal payments on loans of MSMEs for a few months.

Apart from MSMEs, the government should provide support in the form of financial grants, as well as logistical and technical assistance to farmers, fishermen and rural cooperatives for stable supply of food.

FFCCCII also wants freelancers, micro traders and informal sector workers to be given emergency aid in the form of cash subsidies and low interest credit.

It likewise proposed the extension of compensation for paid sick leaves for COVID-19 patients.

Apart from this, FFCCCII sought the immediate implementation of infrastructure projects under the Build Build Build program by addressing right-of-way delays.