SECTOR: Economy
SONA YEAR: 2022
Pass GUIDE
PROMISE STATUS - DATE: In progress as of 07/17/2023
- The House Committee on Banks and Financial Intermediaries approved on third and final reading the Government Financial Institutions Unified Initiatives to Distress Enterprises for Economic Recovery (GUIDE) bill on Dec. 15, 2022.
- Its Senate counterparts – SB 411, 506, 674, 1129, 1182 – remain pending at the committee level since 2022. In January this year, Sen. Joel Villanueva filed SB 1640 but it has not been acted upon.
- If enacted, the bill will strengthen the capacity of the Landbank of the Philippines and the Development Bank of the Philippines to provide assistance to medium, small, and microenterprises (MSMEs) and other strategically important companies affected by the COVID-19 pandemic. It will mandate the LBP and DBP to expand their credit and rediscounting facilities to affected MSMEs in the agriculture, infrastructure, manufacturing and service industries.