Baguio City Mayor Benjamin Magalong has signed a memorandum of agreement (MOA) with the Small Business Corporation (SBC) to provide a stimulus package for the Summer Capital’s micro and small businesses.
SBC is an attached agency of the Department of Trade and Industry.
Magalong said the stimulus package will greatly help micro and small business owners because of the negative impact of the coronavirus disease (COVID19) to the local economy.
He explained that at least 40% of the city’s micro and small businesses might not recover from the effects of the pandemic.
“We have reached a point of almost helplessness resulting from this pandemic, an occurrence we never expected to happen in our lifetime,” he said.