Taguig City Rep. and Senator-elect Alan Peter Cayetano has called on organized labor to join the clamor for a loan program for micro, small, and medium enterprises (MSMEs) in order to “reactivate the hope” of the Philippine economy.
Cayetano issued the call after the Federation of Free Workers (FFW) released a public statement earlier this week pushing for a P100-billion subsidy loan program for MSMEs to uplift the economy.
Cayetano has been a known advocate of the loan program for MSMEs in Congress specifically the start of the pandemic.
The FFW said while the wage hike recently granted by the Regional Tripartite Wages and Productivity Boards (RTWPBs) in different parts of the country “relieves some concerns” of Filipino workers, it is insufficient to boost the economy and induce inclusive recovery.
Since the approval of Bayanihan 2 under his Speakership, Cayetano has been calling for a low-interest loan program for MSMEs payable in 10 years with a grace period of one year, highlighting the 60 percent contribution of MSMEs to job generation in the country.
“Allowing people to go out freely again is the first step to reopening the economy,” Cayetano said.
He also noted that the loan should be easily accessible to all MSMEs for the program to really stir up the economy across the country.
Cayetano reiterated his proposal for government agencies to create mobile apps through which Filipinos can easily apply for state assistance without the need for “padrinos” or connections.