P9 billion funds still unreleased for loan applications from pandemic-hit MSMEs

MANILA, Philippines — Nearly 25,000 loan applications from pandemic-hit micro, small and medium enterprises (MSMEs) remain pending with the non-release of P9 billion under the Bayanihan to Recover as One Act.

During Wednesday’s Senate debates on the 2021 proposed budget of the Department of Trade and Industry (DTI), it was revealed that only P1 billion of the P10 billion funding for the assistance of MSMEs has been released.

Defending the DTI’s budget, Senator Sonny Angara said that of the 26,245 loan applications the agency has received since the beginning of November, it has so far approved 1,660 loan applications equivalent to P1.2 billion.

“They (DTI) hope the money can be…

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