DOLLAR RATE PH STOCK EXCHANGE INDEX 49.0900 5,715.92 BusinessPanay ( As of August 3, 2020) (As of August 3, 2020) OIL PRICE WATCH ( Shyra Polido As of July 28, 2020) News Editor: Pump Price Diesel 40.10 53.24 53.99 Diesel Xtra XCS 810 37.35 48.49 50.24 Xtra XCS LPG Tuesday, augusT 4, 2020 Source: petron gasoline station, Mali-ao, Pavia t Hi Lo Chance of Rain Hi Lo Chance of Rain CITY GUIMARAS ROXAS CITY, CAPIZ KALIBO, AKLAN CITY(SANJOSE,ANTIQUEBACOLOD C C C 250C 260 260 57% 47% 55% C C C 250C 260 260 57% 47% 69% ILOILO 320 320 310 320 C C C C 32 320 LANDBANK rolls out P10-B loan program to help LGUs recover from pandemic AS Accuweather.com) THE country takes recovery measures, t he Land Bank of the Philippines (LANDBANK) is offering a new lending program to finance development and innovative projects of local government units (LGUs) to help rebuild their communitiesLANDBANK has earmarked P10 billion for the RISE UP LGUs Lending Program available for provincial, city and municipal LGUs. RISE UP LGUs stands for Restoration and Invigoration package for a Self-sufficient Economy towards UPgrowth for LGUs. The program was virtually launched on July 29 during the regular meeting of the Union of Local Authorities of the Philippines ( ULAP), the umbrella organization of all leagues of LGUs and locally elected government officials in the country. LANDBANK President and CEO Cecilia C. Borromeo and ULAP National President Governor Dakila Carlo E. Cua led the virtual program launch, and participated in by ULAP member- Leagues and officers including, among others, League of Provinces of THE shift back to modified e n h a n c e d c o mmunity quarantine (MECQ) will have “limited economic impact,” Bangko Sentral ng Pilipinas (BSP) Gov. Benjamin Diokno said yesterday as analysts said doing so would make it more difficult for businesses to survive the pandemic. National Capital Region (NCR), Cavite, Laguna, Rizal, and Bulacan were placed back under MECQ from August 4 to 18 after confirmed COVID-19 the Philippines (LPP) National President Governor Presbitero J. Velasco, Jr., League of Cities of the Philippines ( LCP) National President Mayor Evelio R. Leonardia, and League of Municipalities of the Philippines ( LMP) National President Mayor Luis C. Singson.“The ongoing public health crisis caused by the COVID-19 pandemic has highlighted the vital role of LGUs in managing the effects of unforeseen catastrophes. We hope that the LANDBANK RISE UP LGUs Program will help them better serve their constituents and communities, while developing a stronger local economy that can withstand future crises,” Borromeo said. The LANDBANK RISE UP LGUs Program will be made available to eligible LGUs at a loan amount depending on their project requirements, provided that the total loan exposure ( i ncluding the proposed loan under the program) should not be more than its Net Borrowing Capacity per Bureau of Local Government Finance (BLGF) computation/ certification. cases surged. The pandemic is a “public health issue,” which means each individual has a role to play in mitigating its effects, Diokno statement.“Two- said week in a shift from GCQ to MECQ for NCR and part of Region 4-A would have limited economic impact. But this highlights the inconvenient truth that the solution to this pandemic is not solely the responsibility of the government. It is equally the The l oan shall bear an affordable interest rate of 4.5 percent per annum fixed for the first year, and subject to annual repricing thereafter based on Bank’s prevailing interest rate. T h e l o a n may b e used f or t he purchase of agricultural produce, acquisition of equipment, and construction of facilities for linking of products to the market such as the market infrastructure development and/or improvement, mobile collection and buying stations, and related facilities. The LGU may also use the loan to fund programs and projects that will provide its constituents with basic and support services, social welfare and healthcare, and other infrastructure activities that aim to bring back confidence of the people and spur the local economic activities/businesses after a crisis or pandemic. For permanent working capital, the LANDBANK RISE UP LGUs Lending Program offers a loan tenor of three palengke, LANDBANK allots P10 billion for the RISE UP LGUs Lending Program available for provincial, city and municipal local government units (LGUs). The loan may be used by LGUs to fund programs and projects that will provide its constituents with basic and support services, social welfare and healthcare, and other infrastructure activities that aim to bring back confidence of the people and spur the local economic activities/businesses after a crisis or pandemic. LANDBANK/11 qq BSP: MECQ shift has ‘limited economic impact’ responsibility of the general public,” Diokno said. However, an analyst said reverting back to MECQ would be “difficult” for businesses since public transport would be suspended and would hamper movement of employees. The second lockdown “is harder this time around” since funds have been depleted and that other means to compensate for suspended operations, such as vacation and sick leaves have been exhausted, vice president of research at COL Financial April Lee Tan told ANC. “Some retailers might feel that potential sales that they will generate is not even enough to cover for the cost of having to shuttle people in to work,” said.“It’s Tan going to be difficult for businesses...at this point, I think those reserves are finished, even the government is saying they don’t have money anymore,” she added. The MRT- 3 and LRT yesterday said operations would be suspended i n compliance with MECQ guidelines. In a statement, Management Association of the Philippines president Francis Lim said the shift to MECQ is “bitter but necessary pill” in order to support medical frontliners. The first quarter gross domestic product contracted for the first time since 1998 due to the impact of COVID-19 and resulting lockdowns. Second quarter GDP could be worse, as it covers majority of the lockdowns imposed, officials earlier said. Second quarter GDP will be announced on August 6. Some 30 percent of businesses in the Philippines have cl osed s i nce t he COVID-19 pandemic hit, the Department of Trade and Industry earlier said while some 7.3 million Filipinos were jobless in April, government data showed. ( CBN) ABS- PRINTED AND DISTRIBUTED BY PRESSREADER PressReader.com +1 604 278 4604 . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY ORIGINAL COPY COPYRIGHT AND PROTECTED BY APPLICABLE LAW
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