MANILA, Philippines—Up to P36 billion in relief funds for businesses battered by the pandemic will be released as soon as President Rodrigo Duterte signs the bill extending the fund life of Bayanihan to Recover as One Act, or Bayanihan 2, according to Budget Secretary Wendel E. Avisado on Monday (Dec. 21).
The funds would be coursed through Philippine Guarantee Corp. and two state-owned banks—Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP).
The three-month life of Bayanihan 2 ended last Saturday (Dec. 19).
In a text message, Avisado said total releases from Bayanihan 2 to agencies involved in COVID-19 response had reached P103 billion out of an all…
Keep on reading: Release of P36B in relief funds for businesses hit by pandemic awaits Duterte OK