THE government has extended to two years the grace period for repayment of the business loans to distressed tourism enterprises under Bayanihan 2 Act, the government’s pandemic recovery program.
The Department of Tourism (DOT) said the terms of the interest-free soft loans have been relaxed even more to encourage more micro, small and medium enterprises (MSMEs) in the tourism industry to avail themselves of the loan facility managed by the
Small Business Corp. (SB Corp.) of the Department of Trade and Industry (DTI).
The relaxed terms also allow for a second round of loans for employee retention and a maximum loanable amount of P5 million.
The adjustment to the terms of the Cares for Travel partnership program of the DOT and SB Corp. was in response to the current needs of tourism MSMEs.
Tourism Secretary Berna Romulo-Puyat urged more tourism businesses to take advantage of the loan to help them recover from the Covid-19 pandemic.
“We thank DTI Secretary Ramon Lopez and the SB Corp….