P12.5 Billion Allotted For Bayanihan 2 Assistance

The Development Bank of the Philippines (DBP) acquired P12.5 billion intended for assistance to borrowers as the COVID-19 pandemic continues to affect people’s livelihood.

The P12.5 billion loan relief was released today.

Bayanihan 2’s validity has been extended up to June 2021 to further help people financially amid the pandemic.

Aside from DBP, state-run Philippine Guarantee Corp. (PhilGuarantee) and Land Bank of the Philippines also offers low interest loans under Bayanihan 2 which makes the total equity infusion by P39 billion.

Land Bank also prepared P153 million to hire around a thousand contract workers to help people open bank accounts nationwide.

The Philippine Statistics Authority (PSA) however, said that 82% of the 10.5 million registrants under the demographic data collection have no bank accounts.

“Facilitating the opening of bank accounts for registrants to the Philippine identification system (PhilSys) will help ensure the speedy and efficient delivery of future government assistance programs,” said Land Bank President and Chief Executive Cecilia C. Borromeo. (MLC)