Gov’t confirms P560m of COVID-19 bailout lying unused

This comes more than a year after the funds were announced as part of the Economic Recovery and Transformation Plan (ERTP). Government unveiled a P1.3 billion Industry Support Fund (ISF) in November 2020 targetted at the hardest-hit sectors of the economy and limited to businesses already in operation. The funds comprised informal sector grants and loans priced at both interest-free and concessional rate terms.

Last October, Mmegi exclusively revealed that millions of pula in bailout funds were lying unused, largely because the requirements for businesses to access the funds proved beyond their reach. In addition, the parastatals involved in disbursing the funds noted technical limitations in their existing regulations to better extend assistance.