Bohol Chamber of Commerce pushes wage subsidy, waiving of bank interest

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Bohol Chamber of Commerce pushes wage subsidy, waiving of bank interest

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NOTE: This story was first published in The Bohol Chronicle’s Sunday print edition.

The Bohol Chamber of Commerce and Industry (BCCI) will formalize this week its representation calling for measures to cushion the impact of the coronavirus disease (COVID-19) threat on the business sector as well as on the workforce.

BCCI President Reginald Ong said the business community calls for the early release of guidelines on the subsidy of salaries for affected workers and at the same time the need to stop bill payments on basic utilities. 

He said that due to the stoppage of business operations, the government should request the banking institutions to waive the imposition of bank interest on loan and mortgage.

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The business group cited that Bohol being a tourism-driven economy, the stakeholders in the tourism industry should be afforded with extension on the payment of their loans and rentals as well.   The request for the extension of payment should waive the imposition of interest, he stressed.

“Taxes should be waived during the duration of the Coronavirus crisis,” Ong said while reiterating the need to waive interest on loans.

Meanwhile, the BCCI will rally for the genuine implementation of the Coronavirus Aid, Relief, and Economic Security Act or CARES Act, Ong concluded.

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