PCCI President Benedicto Yujuico
MANILA – The Philippine Chamber of Commerce and Industry (PCCI) has urged Congress to immediately pass the Philippine Economic Stimulus Act (PESA) that will help the economy to recover from the impact of the coronavirus disease 2019 (Covid-19) pandemic.
In a statement Monday, PCCI President Benedicto Yujuico said the PESA supports critical sectors that will stimulate the economic growth, which the business groups identified in its Roadmap to Recovery.
Under PESA, the government earmarks PHP1.3 trillion as a post-pandemic stimulus package.
“Two weeks ago, PCCI came up with a roadmap identifying priority sectors on the road to recovery -- construction, agri-fishery, and its supply chain, micro, small-medium enterprises (MSMEs) and land transportation. The PESA, as it currently stands, strongly supports and concretizes our roadmap and it is for this reason that we support the enactment of the bill subject to further enhancements,” Yuijuico said.
PCCI wants to include agriculture, aquaculture, and public transportation in sectors that are critically impacted by the pandemic.
“Our food producers have lost (a) significant amount of income because of barriers to logistics posted by the enhanced community quarantine (ECQ). Highly perishable produce found it difficult to move their way into markets such that they have to be thrown away. The downstream industries such as food processing, retailing, and restaurants are similarly impacted having to operate only partially, if at all,” Yujuico said.
The PCCI chief added the agri-fishery producers and related enterprises should be given grants under PESA, aside from the PHP6-billion loan allocation for these sectors.
“The sector has been neglected in the past and it is only now, under crisis, that the sector has been put in the spotlight for its importance in feeding our people and reviving our economy,” he said.
The business groups also asked the government to provide MSMEs interest-free loans from state-owned banks, such as the Land Bank of the Philippines and the Development Bank of the Philippines.
With the restrictions under a community quarantine measure, PCCI underscored the role of digital technology for businesses to continue their operations.
“It is about time we promote the culture of innovation. We are in dynamically changing times; we need to embrace innovative technology to improve agility and efficiency, increase productivity, and induce industrialization,” Yujuico said.
He also proposed to give subsidies to drivers of taxis, transport network vehicle services, and public utility vehicles as their operation stopped during the ECQ.
“Once we graduate to the GCQ, they can operate but below capacity because of physical distancing and limited workforce. There must be a means to subsidize them to ensure that they will continue to operate and service those who will go back to work,” Yujuico said. (PNA)
