PAMPANGA Chamber of Commerce and Industry Inc. (PamCham) president Rene Romero said they have been pushing for a proposal for financial and loan assistance to micro and small entrepreneurs under a 60/40 scheme in order for them to be able to brave the effects of the ongoing quarantine measures against the coronavirus.
Romero said the proposal involves giving entrepreneurs a loan assistance in which only 60 percent of principal will be paid back, while the 40 percent will be waived as financial aid. This, he said, will enable smaller businessmen to remain afloat with the ongoing pandemic crisis.
"The condition is, there micro and small enterprises will not close shop and will not lay off people," Romero said.
Romero said the proposal was already forwarded to Department of Trade and Industry, Pampanga Small and Medium Enterprise Council and the Philippine Chamber of Commerce and Industry.
He hopes that the proposal will be included in the bigger stimulus package by the national government.
Romero said that most large and medium enterprises could still wade through the ongoing quarantine. But he said there are medium enterprises in the service, tourism and manpower sectors that have been greatly hit by the pandemic.
"I am calling on my fellow businessmen to do our best in keeping our economy afloat," Romero said.
He said some 30 percent of small businesses in Pampanga have already closed shop.
He added that there are already reports of layoffs from business in the province.
Romero said the full effect of the quarantine on the local economy will be felt by December when inflation and unemployment will be at its worst.