Davao CCI meets with local banks to assist MSMEs
In an effort to assist businesses cope and recover from the impact of the COVID-19 pandemic, the Davao Chamber of Commerce and Industry (DCCI) met with the local banks to seek support by extending financing packages to local companies affected by the crisis.
“We had a meeting with local banks in Davao and encouraged them to prepare financing packages not only for current borrowers but also for people who will need bridge-financing,” John Carlo Tria, president of Davao CCI said during an e-forum on MSME COVID 19 FUNDING: Roles of Government and Private Sector, co-organized by the Philippine Chamber of Commerce and Industry (PCCI).
Tria underscored the need for “long-term and low-cost” financing for MSMEs because recovery period may take longer than two months or even reach until Christmas. He said businesses would still have reservations in operating right away, such as those in the services sector (hotels and restaurants) until such time that a reasonable level of safety is achieved.
Tria also shared that Davao CCI is in talks with PPE manufacturers to help prepare companies and their employees who will be deployed to work after the ECQ.
Meanwhile, Tria also added that agribusiness sector in Mindanao is somewhat winning the battle against COVID-19 as demand for bananas in China continues to grow. Over the next six months, there would be an increase of exports from countries less affected by the crisis. ###