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Home›Tape›Escudero urges government to cut red tape to speed up aid distribution to MSMEs

Escudero urges government to cut red tape to speed up aid distribution to MSMEs

By Lisa Martin
March 14, 2022
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FILE PHOTO: Sorsogon Gov. Francis “Chiz” Escudero. APPLICANTS

MANILA, Philippines — The government should seek ways to speed up the disbursement of billions in underutilized COVID-19 aid to micro, small and medium-sized enterprises (MSMEs), Sorsogon Governor Francis Escudero said Monday.

“The fight against bureaucracy is perpetual revolution. Cut cut cut. It’s like a marathon. No record is static, it must be broken,” Escudero, who previously chaired the Senate Banking, Financial Institutions and Currency Committee, said in a statement.

“Hindi takes 33 days to start a business and 120 days to process construction permits, according to a World Bank study,” he added.

Escudero said the government must find a way to ensure MSMEs get the help they need, otherwise there is no way to revive the economy.

“Bakit? Dahil 99.5% of enterprises and establishments in the country are MSMEs. They employ 63% of the workforce and represent 40% of our gross domestic product. They are not a subsector of the economy, they are the economy,” Escudero said.

“Kailangan natin silang tutukan dahil kapag nakabangon sila, 99% din ing ekonomiya ang makakabangon, 99% din ang babalik na mga trabahong nawala,” he added.

(We need to focus on them because when they recover, 99% of our economy will recover, 99% of lost jobs will come back.)

Citing a report by the Commission on Audit (COA), Escudero pointed out that only 4.09 billion pesos, or 45% of the 9.08 billion peso budget of the COVID-19 Business Restart Assistance Program ( CARES), had been published as of June 30. 2021.

The funds will be distributed as interest-free, collateral-free loans to pandemic-hit MSMEs.

The COA report also indicates that 4,378 or 9.12% had their applications canceled due to the lengthy process and lack of updates on the status of their loan applications, Escudero said.

According to Escudero, based on a survey conducted by the Ministry of Commerce and Industry in June 2021, around 10% of MSMEs had closed, 46% were partially operational and 44% were fully operational due to the pandemic.

During the same period, 765,454 workers were displaced, compared to 1.4 million, according to the study, which included 33,145 respondents. — Jericho Zafra, INQUIRER.net intern

RELATED STORIES:

Only about 500,000 MSMEs in PH received government aid in 2022

Bank lending to MSMEs increases to over P200B

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