Bayanihan 2: Restoring Local Businesses Through Government Assistance

The ongoing COVID-19 pandemic has put a dent in the Philippine economy as well as other economies around the world. For the first half of 2020, businesses have closed down, hospitals were overwhelmed with patients, and medical supply shortages were quite hot topics. But governments didn’t just sit down and wait for the end. The Philippine government, as an example, created the Bayanihan 1 and 2 republic acts.

 The aim of these is to provide financial assistance to affected industries across the board, seeing that this required additional budget was not included in the 2019 budget allocation plans for 2020. No one could have foreseen the pandemic happening and just how devastating it will be.

 With the Philippine economy being reopened, there will be some issues that need to be covered such as helping businesses affected to recover. Businesses can avail of loans under the CARES for TRAVEL program. The latest iteration known as CARES 2 was signed on the 12th of October by Romulo-Puyat of the Department of Tourism and Ramon Lopez of the Department of Trade and Industry.

 Puyat states: “It was through our consultations with our stakeholders that we were able to pinpoint working capital loans as one—if not the most pressing need of tourism enterprises. Realizing the important role that MSMEs hold in the recovery of the tourism industry, the DOT shall see to it that the allocation for the CARES for TRAVEL program is dispersed fairly to qualified enterprises who will apply.”

There will be no interest rates for these loans or collateral required, rather, the borrower will pay service fees and there will also be a grace period of 3 – 6 months before they will be required to start paying back the loan.

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 Under the CARES for TRAVEL program, businesses related to tourism are qualified. The applicants will be screened by SB Corp.

 The applicants must have filed their financial statements between the years 2018 and 2019 with the (BIR) Bureau of Internal Revenue and must have a clean record. Naturally, not everyone will have the opportunity to apply due to the requirements so alternatives sources for loans are the only way.

  One such service is A business owner can apply as a private person then use their loan to fund whatever it is they need to fund.

 As for the basics, here are some of the requirements to get a loan from

  • The applicant has to be at least 21 years old to apply, and if he or she must be 70 years old or below with another source of income. A monthly pension does not count so there must be another besides it. The work can be anything such as a business or a freelance job. 
  • The applicant must have at least two government-issued IDs.
  • The applicant must also be 70 years old when the loan term ends.
  • Borrower must have Filipino citizenship

To get the loan you need to register on the website, apply and wait for a decision on the application. After that you should sign the contract with the code received by SMS. When you do this, Robocash will immediately transfer the money to you. You can borrow from 1000 to 25000 pesos for 7 to 30 days.

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