CAGAYAN DE ORO CITY – Two government-owned banks have granted PHP617 million in loans to help local government units (LGUs) and the private sector in Northern Mindanao (NorMin) develop the local economy despite the Covid-19 pandemic, according to the National Economic Development Authority in Region 10 (NEDA-10).
NEDA-10 Director Mylah Faye Cariño said the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) have loan programs that help LGUs, the education sector, and micro, small, and medium enterprises, including small farmers and fisherfolk, during the online NorMin Covid-19 Response Task Force briefing.
“Three programs have received PHP432.63 million from the DBP, while two programs have received PHP185 million from the LBP,” she said.
The loan programs were launched at a time when, according to regional data released by the Department of Labor and Employment at the end of July, 130 businesses in Region 10 had permanently closed, displacing 1,716 workers.
“Moreover, 1,803 establishments have temporarily closed, affecting 34,477 workers. Roughly 719 establishments have retrenched or reduced their workforce, displacing 9,430 workers,” Cariño said.
Meanwhile, approximately 53,000 families or individuals will receive cash assistance based on guidelines provided by the Department of Social Welfare and Development Region 10 (DSWD-10) through funds handed over to Gingoog City in the amount of PHP212 million, while 191,956 beneficiaries are targeted here with a PHP767.8 million budget.
The DSWD, other national and regional agencies, and the local governments of Gingoog and this city signed a Memorandum of Agreement to provide financial support to ECQ-affected residents.
DSWD-10 has already distributed 44,344 family food packs (FFPs) worth PHP20.68 million to Gingoog City and 15,000 FFPs here as of Aug. 2. The Department of Agriculture-10 keeps an eye on main markets to ensure commodities price stability and holds Kadiwa at Diskwento Caravans in various locations where food is inexpensive.
