Government relaxes loan payment term for tourism enterprises

Tourism enterprises availing of the Bayanihan 2 credit facility will now get up to two years of grace period to pay under the amended rules.

The Department of Tourism said the Small Business Corporation — the DTI-attached agency tasked to handle loan processing for firms affected by the pandemic — relaxed the regulations for availing credit from the 6-billion-peso borrowing program for travel stakeholders.

Under the new rules, SB Corp. adjusted the grace period for repaying the loan to two years, from the original of one year.

Tourism enterprises may now also get a second round of loans of up to 5 million pesos provided they keep their workers.

The DOT said the revision may compel employers to retain personnel which may hold off any increase in unemployment.

The DOT estimates 4.8 of 5.7 million tourism workers were displaced by the pandemic with uncertainty as to when, or if, they can regain their jobs this year.

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