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Interest-Free Loans Offered to Tourism Businesses amid COVID-19 Crisis

Government Offers Interest-Free Loans for Tourism Businesses

INTEREST-FREE LOANS – The government is offering P6 billion loans for tourism businesses amid the COVID-19 crisis in the Philippines now.

The COVID-19 pandemic brought a lot of challenges to businesses in the Philippines and across the globe. Undeniably, the restrictions which are really needed in the pursuit to arrest the spread of the disease have affected the operation of many businesses.

Several companies were forced to shut down due to the crisis. Truths be told that some of these firms are the biggest ones in their field and they were not able to withstand the demands of the pandemic that is going on for more than a year now.

One of the fields that were effected by the pandemic is the tourism sector. Everyone is encouraged to stay at home if not for essential purposes.

Interest-Free Loans for Tourism Businesses
Photo: Philippine Star

Also, certain flights were halted in the pursuit to curb the spread of COVID-19. Many resorts temporarily closed amid the pandemic.

To help the tourism businesses, part of the Bayanihan 2 is an interest-free loans for entrepreneurs in the tourism sector. Based on a report on ABS-CBN News, P6 billion is allotted by the government as the travel sector continues to fight the impacts of the pandemic.

According to Department of Tourism (DOT) Director for Tourism Standards and Regulation Virgilio Maguigad, only Php 145 million were applied and released out of the P6 billion interest-free loan. The tourism department is encouraging business owners in the field to avail the said interest-free offer to keep their businesses afloat.

Aside from the offer for the businesses, the government also allotted P3 billion for tourism workers loan amid the COVID-19 crisis. There are around 110,000 tourism employees aside from the indirect workers.

Tourism Secretary Bernadette Romulo-Puyat expressed that the Department is already preparing the tourism destinations for the time when situations in the Philippines have gotten back to normal.

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