Philippines government relaxed loan terms for tourism businesses

Tuesday, June 15, 2021

Lately, the Philippines government has relaxed the loan terms for all businesses related to tourism. This was done to encourage more micro, small and medium enterprises to benefit from the loan program.

The Department of Tourism (DoT) recently in a statement said that under the easy terms of the Coronavirus disease 2019 (Covid-19) Assistance to Restart Enterprises (Cares) for Travel program, the grace period for loan repayment to the troubled tourism enterprises was extended to two years.

The DoT also added that through this measure, it’s expected that more micro, small and medium enterprises (MSMEs) in tourism will make the most of the loan facility managed by the Small Business Corp. (SB Corp) of the Department of Trade and Industry (DTI).

Also, the Philippines government allows for a second round of loans for employee retention and a maximum loanable amount of P5 million.

Berna Romulo-Puyat, the Tourism Secretary, has requested all businesses of tourism to benefit from the loan and it would help them recover from the pandemic.

“We thank DTI Secretary Ramon Lopez and the SB Corp. for making these necessary adjustments to help tourism businesses thrive amid this global health crisis. While we see the vaccination of tourism workers as the light at the end of the tunnel for the industry, we also know that tourism businesses still badly need the government’s support to get by in the coming months as we wait for vaccine doses to arrive,” Puyat said.

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