IN THIS time of national emergency, it is the time for banks to show their mettle and put out a program that can promptly help entrepreneurs and businesses affected by the coronavirus scare paralyzing and closing many businesses.
The Department of Labor and Employment (DOLE) reported that around 2,000 companies have closed because of the pandemic and over 69,000 workers are now out of employment.
According to the Philippine Statistics Authority (PSA), the unemployment rate in April stood at 17.7 percent compared to only 5.5 percent the year before. This translates to around 7.3 million jobless Filipinos, many of whom were working in the entertainment, food, hotel, information, communications, and construction industry.
Iloilo City and Region 6 host branches of major banks in the country and we wish they can put out a lending program to assist or revive business and industry in our area and restore jobs and livelihood at this time of the national emergency.
Banks can make the difference with their presence in the community because they have the resources to provide assistance by way of loans for business and industry to recover once again and operate.
We are glad to see top leaders of Region 6 united and meeting recently in Iloilo City at the office of Mayor Jerry P. Treñas to find ways and means of reviving the economy of Western Visayas.
Present at the meeting held upon the initiative of Mayor Treñas were governors Rhodoro Cadiao of Antique, Samuel Gumarin of Guimaras, Eugenio Jose Lacson of Negros Occidental, Florencio Miraflores of Aklan, and former Bacolod City congressman John Orola who represented Bacolod City in the absence of its city mayor.
The meeting aimed to improve the health system of the local governments in their respective areas, primarily to implement at this time thorough COVID-19 testing and contact tracing and invest in backbone information and communications technology (ICT) infrastructure to support governance and enhance Region 6’s economy.
We commend this unity shown by the leaders of Region 6 in the midst of the challenges faced by the region, especially with the restricted travel to other parts of the country at this time because of the pandemic.
If there is need for financing, with the presence of many banking institutions in Region 6, we wish that they will also come out to support the program being launched unanimously by the political leaders in the region.
Our banks operating in this area keep substantial deposit of funds from the region. This is an opportunity for them to put out the money in a lending program that is especially directed towards rehabilitating the economy. Are they listening?
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GEM OF THOUGHT
“Nest Egg” – Savings set aside for the future.
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