AS a ramification of the adjustments made to mitigate the spread of the coronavirus disease 2019 (COVID-19) in Northern Mindanao, certain businesses were forced to temporarily halt their operations due to the implementation of community quarantine, the economy cluster of the Northern Mindanao Task Force for COVID-19 has pushed for certain economic interventions to cushion the adverse impact wrought by the pandemic.

“Of course there has been a slowdown to our economy, we’re hoping that if more establishments will be opened, it will somehow reduce the adverse impact of the disruption [caused by COVID-19]," Regional Director Mylah Faye Aurora B. Cariño of the National Economic and Development Authority said.

She also disclosed that RIATF-EID’s Economic Cluster had provided businesses credit and insurance in concessional terms as well as livelihood-related interventions.

In addition, they have made sure that MSMEs would have business programs and financial services particularly the 19 programs from Department of Trade and Industry (DTI).

They would also like to leverage on the national government’s offers of payment deferment from the government (e.g. example tax remittances, vat, SSS and Philhealth) and payment deferment to debtors especially for bank and utility companies (even tax discounts and credits).

“Currently, there is a comprehensive stimulus package being deliberated in congress and we have submitted our varying recommendations here in region 10 to be forwarded to our congressman, so they can support these during discussions,” she stressed.

To further strengthen and help businesses adapt to the new norm, the economy cluster would have a focus or targeted financial support program for businesses where they would be upscaling them in terms of digital skills so they can participate in more creative platforms for operations, have webinars and training as well as assisting in reconfiguring their offices and factories to comply with social distancing requirements. (PIA10)