COVID-19 Crisis: P405.6-billion Bayanihan 3 approved by House panel

In an attempt to boost economic recovery for the nation from the downturn caused by the COVID-19 (China Virus) pandemic, a panel of the House of Representatives approved yesterday the Bayanihan 3 (Bayanihan to Arise as One Act) stimulus package which is worth P405.6 billion.

To put things in perspective, posted below is an excerpt from the Philippine News Agency (PNA) report. Some parts in bold…

The House Ways and Means Committee approved the substitute bill to the third Bayanihan measure, which would contain direct emergency and social amelioration to Filipinos, livelihood interventions, as well as food security and health interventions.

The bill seeks to provide funding of PHP108 billion for the implementation of a cash subsidy program of PHP1,000 for every Filipino, with another PHP108 billion in standby funds.

Around PHP12 billion shall be appropriated for Phase 1 of assistance for households in crisis situations under the Assistance to Individuals in Crisis Situation (AICS) program of the Department of Social Welfare and Development (DSWD). Some PHP12 billion shall be appropriated for Phase 2 and PHP6 billion for Phase 3 of the AICS program.

To assist micro, small, and medium enterprises (MSMEs), the Small Business Wage Subsidy (SBWS) program shall be continued and expanded with direct funding of PHP8 billion, and stand-by funds worth PHP8 billion for Phase 2 and PHP4 billion for Phase 3.

To provide temporary employment to displaced workers, around PHP10 billion shall be appropriated for the implementation of the Tulong Panghanapbuhay sa Ating Displaced/Disadvantaged Workers (TUPAD), Covid-19 Adjustment Measures Program (CAMP), and Abot Kamay ang Pagtulong (AKAP) Program, while PHP10 billion shall be appropriated as stand-by funds for Phase 2 and PHP5 billion for Phase 3.

Assistance to the agri-fishery sector will receive a total of PHP30 billion worth of standby funds to finance programs and interventions toward food security and farmer income security and welfare.

The bill allocates PHP3 billion for medical assistance for indigent patients, and stand-by funds worth PHP3 billion each for Phases 2 and 3.

A total of PHP54.6 billion shall be allocated to the Pension and Gratuity Fund for retired military and the police, while the amount of PHP5.6 billion shall be appropriated to assist the Department of Education in the implementation of its digital education, information technology, and digital infrastructure and alternative learning modalities as part of the pandemic response and transition to a new normal.

At more than P400 billion proposed, definitely a lot of people (including the owners of struggling MSMEs) as well as government departments will be assisted. While this news is good to hear and read, it still has to be passed first through the lower and upper chambers of Congress before finally reaching the President for approval.

How fast will this proposal get cleared? We will find out soon.

Let me ask you readers – are you a potential beneficiary of the proposed Bayanihan 3 stimulus package? Do you believe that P405.6 billion is good enough to help our nation’s economic recovery? You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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COVID-19 Crisis: Muntinlupa City releases zero-interest loan to local entrepreneurs for their recovery amid pandemic

In an effort to revive the stalled local economy due to the COVID-19 pandemic, the City Government of Muntinlupa provided a zero-interest loan assistance to micro-entrepreneurs and MSMEs dubbed as “Muntipreneurs”.

Mayor Jaime Fresnedi led a turn-over ceremony of loan assistance amounting to P938,000.00 to 51 Tulong Negosyo Batch 122 beneficiaries in Muntinlupa City Hall two days ago. Among the beneficiaries were two local entrepreneurs who received P100,000 each while one member received P75,000. Fresnedi vows to continue the local financing program and hopes to revive the local economy by supporting grassroot players through various programs.

Muntinlupa City Mayor Jaime Fresnedi turns over the local government’s zero-interest loan assistance amounting to P938,000.00 to Tulong Negosyo Batch 122 beneficiaries in Muntinlupa City Hall last January 27. Among the beneficiaries were two local entrepreneurs who received P100,000 each while one member received P75,000. Fresnedi hopes to revive the local economy by supporting grassroot players through various programs. (source – Muntinlupa PIO)

The City Government assists local micro-entrepreneurs through its Tulong Negosyo Program (formerly Dagdag Puhunan). Muntinlupa is the first LGU to introduce the micro-financing program.

Tulong Negosyo caters to MSMEs and provides micro-finance assistance ranging from P2,000 up to P150,000 depending on the business capital ceiling and payment record of beneficiaries. The program aims to provide additional capital for business expansion for aspiring and established business owners in Muntinlupa.

Recently, the loan repayment period was extended by three months for clients with existing loans from March to June 2020 in a bid to help them recover from losses due to the pandemic.

Tulong Negosyo program has three categories namely: Simulang Kapital (SIKAP) Pangkabuhayan with loan application amounting to P2,000 – P5,000, Asenso Loan Program amounting to P6,000 – P75,000, and Maunlad Loan Program amounting to P75,000 – P150,000.

Further, a Savings Program has been incorporated in the loan assistance to teach clients about the importance of economizing and serve as protection to the clients and the program. Entrepreneurial education through trainings and other related interventions are also conducted.

Due to the limitations in face-to-face transactions, the Tulong Negosyo has implemented Online Application services and cashless repayment system through Smart Padala and G-Cash.

To apply, visit Joint Resources Financing Program – JRF Facebook Page or click the following links: New Applications – bit.ly/TulongNegosyoNew, and Renewal – bit.ly/TulongNegosyoRenewal. The Muntinlupa Joint Resources Financing Program is located at 2F Plaza Central, Brgy. Poblacion with contact numbers 8772-3457and (0921) 888 6124.

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The above information was provided by the City Government of Muntinlupa for the purpose of public information and transparency. Some parts were edited for this website.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

COVID-19 Crisis: Muntinlupa City releases zero-interest loan to micro entrepreneurs

The official photo release. (source – Muntinlupa PIO)

Muntinlupa City Mayor Jaime Fresnedi turned over the P1.3 million zero-interest loan assistance to Tulong Negosyo Batch 117 representatives, dubbed as “Muntipreneurs,” last October 6 in a bid to help local businesses recover from the economic disruption brought about by the COVID-19 pandemic.

70 micro entrepreneurs were provided with the loan assistance this month. Tulong Negosyo caters to MSMEs and provides micro finance assistance which ranges from P2,000 up to P150,000 depending on the business capital ceiling and payment record of beneficiaries. Muntinlupa City is the first LGU to introduce the micro-financing program. Fresnedi vows to continue the program and assist Muntipreneurs especially in the time of the COVID-19 pandemic.

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Latest City Government of Muntinlupa details sourced from their official media release. Some parts were edited for this website.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake newsNO to irresponsible journalism, NO to misinformation, NO to plagiaristsNOT to distorted views and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, engagements, commerce and updates, visit https://www.facebook.com/groups/342183059992673

COVID-19 Crisis: Muntinlupa City loans P1 million to a local cooperative

The City Government of Muntinlupa yesterday provided a P1,000,000 loan to assist local business Salon de Ayala Service and Credit Cooperative in a bid to help businesses within the city’s jurisdiction to recover from the economic disruption brought about by the COVID-19 pandemic.

Mayor Jaime Fresnedi signed a memorandum of agreement with Salon de Ayala head Pam Godinez and Cooperative Salon De Ayala chairman Angeline Teodoro (3rd from left) for the loan assistance last September 18. Also present during the signing were City Cooperative Officer Cynthia Viacrusis and Coun. Eliot Martinez. The mayor assured business owners in Muntinlupa City of the City Government’s continuing concern and support during these trying times.

Muntinlupa City champions MSME development through various programs including the Tulong Negosyo program (formerly Dagdag Puhunan program) which offers zero-percent interest loan assistance from 2,000 to 150,000 pesos. As of September 17, Muntinlupa City has 3,967 confirmed cases with 3,188 recoveries, 649 active cases, 130 reported deaths, 452 suspect cases, and 581 probable cases.

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Latest City Government of Muntinlupa details sourced from their official media release. Some parts were edited for this website.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake newsNO to irresponsible journalism, NO to misinformation, NO to plagiarists, no distorted views and NO to sinister propaganda when it comes to news and developments.