TACLOBAN CITY, Oct. 3 (PNA) – The Leyte Chamber of Commerce and Industry (LCCI) is still hoping that the Land Bank of the Philippines (LBP) will disburse the more than PHP2 billion donation from the German government in 2014 for the recovery of local businesses affected by super typhoon Yolanda.
The business group made the statement after the Commission on Audit recently recommended the termination of the program and return of the money to the general fund for utilization of other government projects.
The PHP2 billion is meant for a credit fund to be channelled through qualified lending institutions that would benefit small and medium enterprises in Yolanda-hit areas.
“Businessmen were not able to avail the funds because of stringent requirements that are so hard to comply for businesses badly hit by the super typhoon and suffered massive losses from storm surges and looting,” said LCCI President Wilson Uy.
The chamber also sought the support of the Regional Development Council and business groups in the Visayas to consider the proposal.
Germany allowed the use of part of the grant of Kreditanstalt Fur Weideraufbau-Interest Differential Fund for Reconstruction Assistance on Yolanda through a credit support fund.
In a meeting with business group leaders over the weekend, Senator Juan Edgardo Angara backed the call of the local business group as this will affect the decision of foreign donors in future disasters.
“It might lead to less aid to be given next time a big catastrophe or an event of that magnitude happens. We don’t want them to lose their faith in our government,” Angara said. (PNA)
