Businesses in Central Visayas region need credit assistance of more than P7.18 billion for reconstruction and another P6.57 billion to recover from the destruction caused by Typhoon Odette in December 2021.
This assessment is contained in a recently completed post-disaster report by the Department of Trade and Industry (DTI), according to DTI Cebu provincial director Ma. Elena C. Arbon.
To recover from the typhoon, Arbon said businesses need credit assistance for the repair or replacement of their equipment and machinery, procurement of vital supplies, cleaning operations, and acquisition of negosyo kits, among others.
Under reconstruction, Arbon said assistance is needed for the replacement or reconstruction of affected structures, procurement of equipment and machinery, technical assistance, relocation and others.
In her presentation during the Philippine Chamber of Commerce and Industry (PCCI) Visayas virtual turnover ceremony Tuesday, Feb. 22, 2022, Arbon said the report showed that micro-enterprises incurred the biggest damage and losses from the typhoon.
Of the P3.72 billion total damage to businesses across the region, around P3.31 billion (89%) were incurred by micro-enterprises, P330.15 million by small businesses, P50.08 million by medium-sized companies and P34.58 million by large corporations.
Micro-enterprises also reported losses of more than P6.44 billion, around 88% of the estimated P7.29 billion total losses in the region. The rest were incurred by small (9%), medium (1%) and large (1%) companies.
Among the four provinces in Central Visayas, Cebu incurred the biggest damage and losses.
Based on the DTI report, Arbon said businesses in Cebu suffered losses of more than P5.73 billion. Those in Bohol reported losses of over P1.53 billion while those in Negros Oriental lost more than P22.3 million. The report did not state any losses for Siquijor.
In terms of damage, Cebu businesses accounted for 29% or P2.64 billion of the total damage in the region, followed by Bohol with P1.06 billion damage, Negros Oriental with P12.29 million and Siquijor with P1.83 million.
Arbon said the DTI is implementing programs aimed at providing relief and aiding recovery from the typhoon and the coronavirus disease 2019 (COVID-19) pandemic.
For 2022, she said the DTI has P64 million under the pangkabuhayan at pagbangon at ginhawa (PPG) program and P20 million under the livelihood seeding program. SB Corp., on the other hand, offers enterprise rehabilitation financing and Bayanihan Cares program. (Marites Villamor-Ilano/Ventures Cebu)