The Senate tackled the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises or GUIDE Act today.
The bill aims to provide ₱10 billion to state banks including the Land Bank of the Philippines and the Development Bank of the Philippines to aid micro, small and medium enterprises that closed shop due to the pandemic.
During the hearing of the Senate Committee on Banks, the Land Bank cited its study showing 15 companies at the verge of folding up that need funding. If they will not be assisted soon, they could end up shutting down and will leave 119,000 workers unemployed.
Some lawmakers went against the proposal including Senate Minority Leader Franklin Drilon who thinks that the ₱10 billion peso-fund is too small. He questioned the government’s ₱19 billion Anti-Insurgency Fund compared to the aid that could help save businesses affected by the COVID-19 pandemic.- Eunice Samonte
