Monday, August 31, 2020

$10.9B extended to PH for COVID-19 response. Inquirer Newsletter. September 1, 2020

TRIBUTE A Catholic priest offers a candle to a makeshift altar where photos of frontliners and health workers who have died from Covid19 are displayed during a mass held on National Heroes' Day on monday at noon in Mandaluyong City. -MARIANNE BERMUDEZ

Regions

Boracay pioneers hit hard by COVID

As the new coronavirus disease (COVID-19) pandemic continues to batter the tourism industry, several businesses, including the oldest stores and restaurants on Boracay Island, have decided to shut their doors for good. —STORY BY Nestor P. Burgos Jr.

News

Gov’t plans monthlong quarantine restrictions

The government is considering imposing monthlong community quarantine restrictions to provide stability to people’s movement and the economy, Trade Secretary Ramon Lopez said on Monday. —STORY BY Leila B. Salaverria

Business

Loans to SMEs surge as BSP ramps up relief measures

The amount of loans for small businesses have surged in recent months after the central bank put in place relief measures that would encourage financial institutions to keep lending to this sector that employs nine out of 10 Filipinos. —STORY BY Daxim L. Lucas

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$10.9B extended to PH for COVID-19 response.

By Marlon Ramos

The Philippines had been extended loans and grants totaling $10.94 billion (more than P529 billion) as of August to finance its fight against the health and socioeconomic crises arising from the coronavirus pandemic.

So far this year, the country obtained already half the $21.62 billion in additional official development assistance (ODA) it received in 2019, according to a report of the National Economic and Development Authority’s (Neda) ODA Portfolio Review 2019.

Neda said 16 loans and three grants were recent additions to the expanding ODA portfolio “in support of the government’s efforts to address the COVID-19 pandemic and to mitigate its economic impact.”

In a statement on Monday, acting Socioeconomic Planning Secretary Karl Kendrick Chua said the government needed to borrow more in 2020 to help fund emergency response, social protection programs and other related expenditures that would provide immediate relief to Filipinos affected by the COVID-19 pandemic.

According to 2021 budget documents, the government will borrow more than P3 trillion this year and a similar amount next year to finance the swelling budget deficit, as COVID-19 response-related expenses ballooned while tax and nontax revenues remained weak. —WITH A REPORT FROM DJ YAP INQ

Editorial

Microbusinesses keep the faith

The economic hardships caused by the COVID-19 pandemic are forcing many Filipinos to find creative ways to survive and put food on the table. With very little savings to convert into capital, many have turned to microbusinesses in hopes of tiding themselves and their families over in these lean times.

Read full story: opinion.inquirer.net