Targeted assistance for small businesses – Asian Development Bank Institute
- klyde carpizo
- Apr 26, 2021
- 1 min read
By: Charyse Vine
The House of Representatives talked and approved last July 28, 2020 a bill to equip government banks to grant loans to micro, small, and medium enterprises that were affected by the lockdown brought by COVID-19.
However, Asian Development Bank Institute (ADBI) said that small businesses should receive targeted assistance not loans because of the prolonged pandemic.
Shigehiro Shinozaki, senior economist at the Manila-based Asian Development Bank’s economic research and regional cooperation department, stated, “Instead of subsidies, having more public-private sector coordination and a market-based approach would be worthy of consideration for business support programs.”
“Assistance for MSMEs to adapt to digital platforms is also a policy priority as traditional business models require physical and personal contact,” he added, considering that more business moved online to offer their goods and services.
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