Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses

ABS-CBN News

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).&quot;We at FINEX strongly urge the passage of the GUIDE bill,&quot; Francisco Ed Lim, president of the Financial Executives Institute of the Philippines, said in a statement on Thursday.Lim said that while they laud Congress for forwarding the <a href="https://news.abs-cbn.com/business/02/03/21/house-ratifies-committee-report-on-create-bill-lowering-corporate-income-taxes">CREATE</a> bill and enacting <a href="https://news.abs-cbn.com/business/02/17/21/duterte-signs-fist-bill-into-law-to-cushion-banks-from-bad-loans">FIST</a> bill into law, the GUIDE or Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery bill is also needed to help shore up the economy from the impact of COVID-19.&quot;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,&quot; he said.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.Lim said that the GUIDE bill is &quot;strategically important&quot; 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&#x27;s economy as it still reels from the impact of the pandemic.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/17/21/savings-from-create-tax-cuts-to-be-re-invested-back-to-the-economy-business-leaders">Savings from CREATE tax cuts to be re-invested back to the economy: business leaders</a></li>	<li><a href="https://news.abs-cbn.com/business/01/25/21/british-firms-await-retail-liberalization-public-services-act-to-invest-in-ph">British firms await retail liberalization, Public Services Act to invest in PH</a></li>	<li><a href="https://news.abs-cbn.com/business/12/29/20/japanese-investors-welcome-create-bill-says-dof">Japanese investors welcome CREATE bill says DOF</a></li></ul>The Philippines saw its worst contraction in 2020, shrinking <a href="https://news.abs-cbn.com/business/01/28/21/philippine-economy-shrinks-83-percent-in-fourth-quarter-full-2020-growth-at-95-pct">9.5 percent</a> on the back of weak economic activity under a series of lockdown restrictions.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/17/21/philippine-economy-seen-contracting-again-in-q1-return-to-positive-growth-in-q2">Philippine economy seen contracting again in Q1, return to positive growth in Q2</a></li>	<li><a href="https://news.abs-cbn.com/business/02/03/21/ph-full-economic-recovery-may-take-4-5-yrs-biz-leaders">PH full economic recovery may take 4-5 yrs: Biz leaders</a></li>	<li><a href="https://news.abs-cbn.com/video/business/01/28/21/ph-gdp-seen-to-grow-3-percent-in-2021-best-case-at-4-percent">PH GDP seen to grow 3 percent in 2021, &#x27;best case&#x27; at 4 percent</a></li></ul>

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).

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).

Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses | ABS-CBN

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Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses

Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses

ABS-CBN News

Published Feb 25, 2021 05:18 PM PHT

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FINEX

Financial Executives Institute of the Philippines

GUIDE

FIST

CREATE

MSMEs

Congress

small businesses

business

economy

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