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BoI offers help to battered firms

Thaumazo Solutions was among the fortunate firms that benefited from its Covid-19 Business Support campaign



The Department of Trade and Industry’s (DTI) Board of Investments (BoI) on Thursday highlighted its support to some small and medium business firms for them to bounce back from the adverse effects of the pandemic.

The agency’s move came after the Philippine Chamber of Commerce and Industry’s (PCCI) pronouncement of the slow government action in aiding the ailing micro, small and medium enterprises (MSME).

BoI said that in the business process outsourcing sector, Thaumazo Solutions was among the fortunate firms which benefited from its “Covid-19 Business Support” campaign.

It aims to assist companies with their operational continuity concerns amid the disruption and quarantine restrictions.

Thaumazo’s executive director Rosalie Pañares immediately connected with the agency via its Facebook page to find out how her company could benefit from the project.

“Within hours of reaching out, I was talking to a BoI representative who arranged an immediate booking via Zoom Meeting for me and my team. I was able to understand what BoI’s goals were and how the agency could benefit us particularly when it came to our expansion plans,” Pañares narrated.

Thaumazo Solutions is based in Malolos, Bulacan, offering services in online marketing, software deployment, and other enterprise business solutions.

The support provided by BoI included connecting with field experts, immediate assessment and valuable advisories.

Having the capability to continue its operations allowed Thaumazo to expand in the midst of the pandemic, developing a mobile application for its Logistics and Transportation Platform, dubbed as Thaumazo Express Transport Solutions (TEXTS), which is now registered with the Securities and Exchange Commission.

According to the BoI, the range of incentives for Covid-19 Business Support covers businesses engaged in manufacturing, logistics, tourism, and other industries, including referral assistance to affiliated institutions that provide loans to workers and micro-small-medium enterprises recovering from the pandemic.

It aims to assist companies with their operational continuity concerns amid the disruption and quarantine restrictions.

The agency is drawing from over P165 billion allocated for industries’ recovery under the Bayanihan to Recover as One Act (Bayanihan 2).

The PCCI, on Wednesday, hit the slow processing and approval of the program meant for MSME, claiming it has to hire additional personnel in order to help business owners file and secure the much-needed help from the government.

The government has assured MSME to secure loans in order to revive their Covid-19-battered businesses, under the Covid-19 Assistance to Restart Enterprises program, rolled-out by the DTI’s Small Business Corporation.

The loan provision has also secured an additional P10-billion fund from Bayanihan 2.