P30 billion pandemic aid for restaurants pushed

MANILA, Philippines — A bill has been filed in the House of Representatives seeking to provide P30 billion in assistance to restaurants affected by the COVID-19 pandemic.

HB 7610 filed by Antique Rep. Loren Legarda seeks to provide a P30-billion “bridge fund” for restaurants to revive the restaurant industry for a post-COVID-19 economy and ensure their transition to a better normal.
On top of the bridge fund, the bill seeks to provide tax incentives and rent-extension payments to restaurants in distress that will allow the restaurant industry to sustain its operations and stay afloat until the pandemic is over.

“It has been a challenge for restaurant owners and operators to sustain their businesses, sacrificing sales revenue, balancing their remaining cash flows to cover rental, taxes and other fees while ensuring that they can still provide daily wages to their employees,” Legarda said.

“We have already recorded a 44-percent drop in food service sales in 2020, and many establishments need to downsize or cease operations,” she added.

Hundreds of restaurants have ceased operations as a result of the imposition of community quarantines and restrictions meant to curb the spread of the virus.

“The restaurant industry also needs our assistance for them to save their business and save their employees who depend on them,” said Legarda, a former three-term senator aspiring for a Senate comeback via the elections in May.