The government extended the grace period of business loans payment for distressed tourism enterprises under Bayanihan 2, the Department of Tourism (DOT) said on Thursday (June 10).
According to the DOT, loan payments for micro, small, and medium enterprises (MSMEs) are extended to two years without interest. The department has also eased the terms and conditions in applying for a second loan that can reach up to ₱5 million.
The DOT and Small Business Corporation’s (SBCorp) Cares for Travel Partnership program aims to aid the needs of tourism MSMEs amid the pandemic.
“We thank DTI [Department of Trade and Industry] Secretary Ramon Lopez and the SBCorp for making these necessary adjustments to help tourism businesses thrive amid this global health crisis,” DOT Secretary Berna Romulo-Puyat said.
“While we see the vaccination of tourism workers as the light at the end of the tunnel for the industry, we also know that tourism businesses still badly need the government’s support to get by in the coming months as we wait for vaccine doses to arrive.”
Report from Naomi Tiburcio/NGS- jlo
