BY MARCHEL P. ESPINA
Friday, June 26, 2020
Rep. Francisco Benitez (Neg. Occ., 3rd District) is looking for ways to access capital to help stir the local economy affected by the coronavirus pandemic.
He met with Frank Carbon, chief executive officer of Metro Bacolod Chamber of Commerce and Industry, Provincial Administrator Rayfrando Diaz II, and representatives from the Department of Trade and Industry, Development Bank of the Philippines, and Land Bank of the Philippines Wednesday night to “discuss ways and means to help jumpstart the local economy direly affected by the pandemic.”
(Photo from Kiko Benitez FB)
Benitez said one potential source discussed was accessing capital through credit financing.
Through this process, the liquidity support of the national government can be quickly and readily available at the city and municipal levels, thus stirring the economy quickly while waiting for the financial stimulus and assistance from the national government, Carbon said.
He added that liquidity support will mitigate the adverse impacts of quarantine, preserve, and create new jobs and prop up the purchasing power of the populace.
The meeting was also attended by representatives from the Economic Enterprise and Development Department and the Provincial Economic Development and Investment Center.
Next week, executives of DBP, Land Bank, and Small Business Corp. will meet with representatives of rural banks, microfinance institutions, and credit coops in the Third District to apprise them of the government banks’ Rehabilitation Fund to recapitalize or to increase their loanable funds, he added.
“The rural banks, microfinance institutions, and credit coops will, in turn, extend loans to micro-businesses, farmers and fishermen,” Carbon added.
He said, “This will keep us afloat while the economy is slowly recovering. The idea is to stay healthy physically and financially so that employers could continue their care and support for their employees.”
Carbon added that liquidity or cash availability will fuel economic activity.
Moreover, he said the role of MBCCI in this program is an idea generator and resource mobilizer that will act as management and financial advisor of small business.
“We will assist them in negotiating for lower interest rate and longer repayment period,” he added.*
