MANILA, Philippines—At least 1,250, or one-fourth, of the country’s 5,000 corporations were struggling to stay afloat amid the pandemic-induced recession, requiring up to P625 billion in government funding support to save at least 6.3 million jobs.
Presented with the grim numbers, senators on Wednesday (March 17) asked the Executive, particularly the Department of Finance (DOF), to consider raising the minimum P10 billion equity it planned to inject into state-run Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) under the proposed legislation called Guide, or Government Financial Institutions Unified Initiatives to Distressed Enterprises for Econ…
Keep on reading: P625B needed to keep 1,250 firms, 6.3M jobs alive, Senate told