House panel OKs bill expanding state-run banks’ assistance schemes for MSMEs

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The House banks and financial intermediaries panel on Tuesday approved a bill increasing the capital of state-run bank Development Bank of the Philippines (DBP) and creating a special holding compa…

The House banks and financial intermediaries panel on Tuesday approved a bill increasing the capital of state-run bank Development Bank of the Philippines and creating a special holding company in order to expand government aid schemes to micro, small and medium enterprises affected by the COVID-19 pandemic.

In addition, the GUIDE bill authorizes government banking institutions DBP and Land Bank of the Philippines to invest in, or enter into a joint venture agreement to incorporate a special holding company . The bill defines SIC as “investee companies that are nationally significant,” or those with high economic returns or high employment potential, and are engaged in strategically important industries or sectors including agriculture, construction, education, food industry, healthcare, infrastructure, low-cost and socialized housing, manufacturing, power and energy, product distributor/retailer, services, tourism and hospitality, transportation and logistics, and water and sanitation.

On the other hand, equity participation in the SHC may be offered to, and held by, qualified private sector investors, including multilateral companies and lending institutions, as may be determined by the LandBank and DBP, provided that majority ownership of the total outstanding capital stock in the SHC will be held by the LandBank and DBP until such time that they have recovered or will be able to recover their investment in the SHC.

 

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