Leyte Representative and presumptive House Speaker Ferdinand Martin Romualdez filed the first bill of the 19th Congress — a measure which seeks P10 billion in financing for state-run lenders.
Under House Bill 1, Romualdez, also the cousin of President Ferdinand “Bongbong” Marcos Jr., is looking to allocate P7.5 billion to the Land Bank of the Philippines (LandBank) and another P2.5 billion to the Development Bank of the Philippines (DBP).
The measure seeks to boost financing for the lenders for them to assist micro, small, and medium enterprises (MSMEs), and create a special holding firm that will focus on catering to such businesses.
Dubbed the GUIDE Bill, the measure was co-authored by presidential son and Ilocos Norte Representative Ferdinand Alexander “Sandro” Marcos, and Representatives Jude Acidre and Yedda Marie Romualdez of the Tingog Party-list.
“The proposed legislative measure seeks to strengthen the capacity of the Land Bank of the Philippines and the Development Bank of the Philippines to provide the needed assistance to MSMEs, and other strategically important companies,” the explanatory note read.