The Philippine Chamber of Commerce and Industry (PCCI) has asked banks and other creditors to grant at least a one-year extension of loan maturities amid a prolonged lockdown in Metro Manila.
PCCI, in a statement, sought the extension for loans with maturity dates starting March 16 up to Dec. 31.
PCCI President Benedicto Yujuico cited the “deteriorating cash positions and diminishing ability to avoid massive lay-offs” of members.
“Without the support of the Philippine banks and other non-bank financial institutions, many business will likely be forced to shut down,” he said.
The PCCI said the industries most affected by the lockdown were transportation, storage and logistics; wholesale and retail trade, repair of motor vehicles; arts, entertainment, leisure, recreation; hotels, resorts, other accommodation, and food services; real estate; mining and quarrying; manufacturing; construction; financial and insurance; professional, scientific and technical services; as well as administrative and support and other community, social and personal activities. (Jojo Mangahis)