Tourism enterprises will get a two-year grace period on loans they availed as part of the country's COVID-19 recovery program, the government said Thursday.
The loan program was part of the Bayanihan to Recover as One Act -- the country's pandemic recovery law. Under the program, tourism businesses can avail of the following loans: P5 million for medium enterprises, P3 million for small enterprises, and P300,000 for micro enterprises.
"While we see the vaccination of tourism workers as the light at the end of the tunnel for the industry, we also know that tourism businesses still badly need the government’s support to get by in the coming months as we wait for vaccine doses to arrive,” Tourism Sec. Bernadette Romulo-Puyat said in a statement.
Tourism was among the worst-hit sectors by the pandemic as governments closed borders and banned travel. While the Philippines continues to impose strict international travel restrictions, the country this month has eased rules on leisure travel for most urban hubs.
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