MANILA - The Management Association of the Philippines (MAP) on Friday urged government to disburse funds under the second coronavirus response package based on certain "objective criteria," as it hailed Congress in enacting the measure.
“We commend Congress for enacting the Bayanihan to Recover as One Act... since the funds appropriated are extremely limited, we urge that disbursement be based on objective criteria, such as the sector’s contribution to the GDP, employment share, value added contraction, and their multiplier effect on the economy," said Francis Lim, MAP president.
The Bayanihan to Recover as One (Bayanihan 2) bill that seeks to allow President Duterte to realign funds for the coronavirus crisis moved closer to becoming a law after a bicameral conference of senators and House of Representatives members approved it on Thursday.
The bill sets aside P140 billion for the pandemic response and includes allotments for various government programs to help affected individuals and sectors. There's also an additional P25-billion in standby appropriations.
It is the second law for COVID-19 crisis response, following the Bayanihan to Heal As One Act, which lapsed in June.
"We are happy that health is the focus, which is key to opening the economy. Big funding is set aside for credit and we urge the government to ensure that it can be accessed easily, especially by small businesses," Lim said.
MAP, whose members represent CEOs, COOs and other top management practitioners from the country's largest local and multinational companies also said, the abolition of tax on initial public offerings is a "welcome development" as it will "incentivize" companies to offer its shares to the public.
The removal of bureaucratic red tape on telco towers construction will also pave the way for improved telecommunications services, it added.
The Bayanihan 2 bill seeks to cut the number of permits required for building cellular sites and towers. It also provides a 60-day moratorium on the payment of credit card, salary, housing loans and others.