OUT of the P9.08 billion worth of funds released for the implementation of the Covid-19 Assistance to Restart Enterprise (Cares) Program intended to aid micro, small and medium...
OUT of the P9.08 billion worth of funds released for the implementation of the Covid-19 Assistance to Restart Enterprise Program intended to aid micro, small and medium enterprises amid the Covid-19 pandemic under the Bayanihan laws, only P4.09 billion were utilized, the Commission on Audit said.
In a performance audit released by COA, the SB Corp. was only able to utilize P4.09 billion to extend loans to 28,222 MSMEs. Bayanihan Law 2 was initially effective until December 19, 2020 but the availability of appropriations was extended until June 30, 2021 following its enactment. “Prior to the pandemic, the SB Corp. already implements this program but under a different name, which is Pondo sa Pagbabago at Pag-asenso . It normally operates within the budget of P1.5 billion. So, when the Bayanihan 1 was enacted and the Cares program was created, SB Corp. was able to utilize about 98.84 percent of the initial P1 billion budget, which covers the processing of 20,043 applications,” COA said.
“One major reason for this is that the bulk of the budget is allocated for the tourism industry. Many tourism-based companies are hesitant to restart their business due to the multiple imposition of ECQ in the country,” it added.It said of the over 48,000 loan applications, 4,379 were cancelled by the borrowers due to the long processing time and non-communication of the status of their applications.
COA also noted the importance of risk assessment on the capacity of the implementing agency, needs of the clients and type of funding should there be more programs similar to Cares.
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