Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses
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Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses
ABS-CBN News
Published Feb 25, 2021 05:18 PM PHT

MANILA— A group composed of the country’s top financial executives is urging Congress to pass a bill that seeks to provide financial assistance to distressed micro, small and medium enterprises (MSMEs).
MANILA— A group composed of the country’s top financial executives is urging Congress to pass a bill that seeks to provide financial assistance to distressed micro, small and medium enterprises (MSMEs).
"We at FINEX strongly urge the passage of the GUIDE bill," Francisco Ed Lim, president of the Financial Executives Institute of the Philippines, said in a statement on Thursday.
"We at FINEX strongly urge the passage of the GUIDE bill," Francisco Ed Lim, president of the Financial Executives Institute of the Philippines, said in a statement on Thursday.
"We see the need for other measures that will further help businesses to recover from the pandemic and navigate through challenges that lie ahead. One such measure is the GUIDE [bill] that has been pending in Congress," he said.
"We see the need for other measures that will further help businesses to recover from the pandemic and navigate through challenges that lie ahead. One such measure is the GUIDE [bill] that has been pending in Congress," he said.
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The GUIDE bill seeks to provide funding for MSMEs through infusion of fresh capital to government banks such as Land Bank of the Philippines and Development Bank of the Philippines.
The GUIDE bill seeks to provide funding for MSMEs through infusion of fresh capital to government banks such as Land Bank of the Philippines and Development Bank of the Philippines.
It also seeks to grant incentives and exemption privileges in the lending and investing activities of Landbank, DBP and Philippine Guarantee Corp.
It also seeks to grant incentives and exemption privileges in the lending and investing activities of Landbank, DBP and Philippine Guarantee Corp.
Lim said that the GUIDE bill is "strategically important" in helping industries such as agriculture supply chain, food, manufacturing, low-cost and socialized housing, hospitality and education.
Lim said that the GUIDE bill is "strategically important" in helping industries such as agriculture supply chain, food, manufacturing, low-cost and socialized housing, hospitality and education.
Local and foreign businesses and investors alike are waiting for such economic reforms that can support the acceleration of the country's economy as it still reels from the impact of the pandemic.
Local and foreign businesses and investors alike are waiting for such economic reforms that can support the acceleration of the country's economy as it still reels from the impact of the pandemic.
The Philippines saw its worst contraction in 2020, shrinking 9.5 percent on the back of weak economic activity under a series of lockdown restrictions.
The Philippines saw its worst contraction in 2020, shrinking 9.5 percent on the back of weak economic activity under a series of lockdown restrictions.
Read More:
FINEX
Financial Executives Institute of the Philippines
GUIDE
FIST
CREATE
MSMEs
Congress
small businesses
business
economy
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