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Small businesses get subsidies, loan relief

first_imgThe government will subsidize and ease loan interest payments for micro, small and medium enterprises (MSMEs), the backbone of the Indonesian economy, as they struggle to stay afloat amid the COVID-19 pandemic.The subsidies will cover loan interest ranging from 2 to 6 percent for up to six months for millions of borrowers in the MSME category. The government will also roll out working capital credit for MSMEs, President Joko “Jokowi” Widodo announced on Wednesday.“The emergency working capital assistance will need to be carefully designed so MSMEs can really access this emergency capital assistance scheme,” Jokowi told an online briefing after a Cabinet meeting. Around 41 million MSMEs have access to credit from financial institutions while 23 million are not bankable. Indonesia’s more than 60 million MSMEs, which account for 60 percent of the gross domestic product (GDP) of Southeast Asia’s largest economy, are struggling to stay afloat with travel and social restrictions to contain the coronavirus severely affecting their income. Their operations are either closed or limited and many workers have been laid off or furloughed.Read also: ‘Jamu’ to protective gear: Producers of most-wanted products facing business disruptionFinance Minister Sri Mulyani Indrawati said the government would cover 6 percent of the interest and suspend loan repayments, for six months, for ultra-micro businesses under the government’s UMi and Mekaar programs, as well as state pawnshop Pegadaian customers.Micro businesses and government microloan program (KUR) borrowers with loans between Rp 10 million and Rp 500 million will also get interest subsidies covering 6 percent for the first three months and 3 percent for the next three months. SMEs with loans between Rp 500 million and Rp 10 billion will get interest subsidies covering 3 percent for the first three months and 2 percent for the next three months. Both categories will also be able to delay their loan repayments for six months.Government subsidies for MSMEs. (JP/Hengky Wijaya).Usage: 0 (JP/Hengky Wijaya)“This program is part of the government’s efforts to defend MSMEs’ financial capabilities,” Sri Mulyani said after the Cabinet meeting. “If this can work, then the COVID-19 economic impact on society can be minimized.”The government will help micro businesses to pay their loan interest for businesses borrowing up to Rp 500 million from rural banks and for those borrowing Rp 500 million to RP 10 billion from conventional banks. It will also relieve interest payments for MSMEs that borrowed from the KUR program, Sri Mulyani said.The government has allocated Rp 150 trillion for business recovery programs within its Rp 405.1 trillion extra spending for COVID-19 efforts, focusing on health and social spending as well as economic stimulus packages. The earlier stimulus packages covered tax waivers and deferrals for almost all business sectors and individual taxpayers.“The government will push for transparency, accountability and professionalism to avoid moral hazard,” Coordinating Economic Minister Airlangga Hartarto told reporters during the same press briefing. “This stimulus is prioritized for those affected by the coronavirus pandemic.”There are several prerequisites for MSMEs to be eligible for the new stimulus package, including a good track record on loan repayments and tax payments. They must be verified by banks and not included in the Financial Services Authority’s (OJK) black list.Read also: Medicine prices could soar 60% on raw material disruptionThe Association of Young Indonesian Businesspeople (Hipmi) head for micro, small and medium businesses Rano Wiharta said that the government must oversee the regulation tightly, calling for banks to be “more serious” in helping MSMEs.“We appreciate the government’s stimulus measures but the most important thing is that the implementation process needs to be in line with this policy,” Rano told The Jakarta Post, adding that MSMEs often found difficulties in restructuring their loans.“We are bleeding right now especially entering the Ramadan month,” Rano said, referring to the Islamic fasting period between April 24 and May 22. “We are hoping that this policy will be followed by better implementation, especially in banks.”Rano said that many MSMEs could not get new loans from banks during the virus crisis, adding that the government must examine the issue to help save local companies.The Indonesian Travel Agents Association (Astindo) secretary-general Pauline Suharno voiced a similar view, saying that previous government’s credit incentives were not effective because of botched implementation, calling for the government to ensure that businesses could receive the incentives.“We think that this could be good, but only if the government and private lenders can implement it,” Pauline, who works in the badly hit tourist sector, told the Post.Contacted separately, Perbanas Institute economist Piter Abdullah welcomed the government’s decision to roll out such incentives for MSMEs but said that “it would not be enough” to help businesses’ cashflow.“This will help them to survive, but the government still needs to formulate stronger incentives to really boost their negative cashflow.”Topics :last_img read more

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Badgers have no answer for No. 1 Gophers in sweep

first_imgAmid thundering chants of “Let’s go red” from a sell-out crowd in the Kohl Center Saturday night, the Wisconsin women’s hockey team hit the ice to face top-ranked Minnesota in the second game of the weekend series. Despite the Badgers’ high energy and home-ice advantage, the Gophers proved why they are the No.1 team in the country, trouncing Wisconsin 4-0.The game was exciting from the moment it began, with the Badgers emerging from behind a layer of fog and stepping into an arena filled with flashing lights, blaring music, and a charged crowd of 13,573 fans.“It was a pretty big adrenaline rush for our team,” goaltender Alex Rigsby said of the atmosphere. “We’ve never had the fog machine before, and it was exciting to come out [and] have the huge attendance already. It was loud in there, and we were really lucky to have the support that we do.”From the second the puck was dropped both teams were off, setting a high pace that seemed to pressure the other to not ease up. The two looked evenly matched throughout the first period, Minnesota getting six shots off and Wisconsin taking seven, with quality scoring chances on each side of the ice.“It’s one of those games where the team that scores first probably has a good chance of winning,” Wisconsin head coach Mark Johnson said.And he was right, as halfway through the second period, Minnesota forward Kelly Terry snuck past a Wisconsin defender and, just to the right of Rigsby, hit the top shelf on a laser of a wrist shot, earning Minnesota the crucial first goal of the game and what proved to be the only goal that mattered.From that point on, the Gophers’ momentum started building and, though Wisconsin put up a fight, Minnesota’s bid for the sweep could not be thwarted.The second goal came with just more than two minutes left in the same period, when a Minnesota defender took a shot from the top of the circle. Rigsby blocked this initial shot, but when she allowed a rebound, the Gophers’ leading scorers pounced. Minnesota’s Rachael Bona found the loose puck along the right endline and slipped a pass behind Rigsby through the crease to a wide open Hannah Brandt, both of whom lead the Gophers with 50 points apiece. Brandt had a wide open net to shoot at with Rigsby out of position and tucked the puck inside the left post for a two-goal lead.The last two goals came at the beginning and middle of the third period, both consisting of a Gopher taking the puck behind the Wisconsin net, only to throw a pass behind them to a teammate waiting out in front.Despite a lopsided score, the WCHA’s top two teams looked evenly matched throughout the majority of the game. Minnesota totaled 27 shots and Wisconsin racked up 24, both teams kept penalties to a minimum and there was just as much playing time in one end as there was in the other.With the loss, the Badgers now haven’t seen a win against Minnesota since the 2011-2012 season, marking 10 straight losses, the longest losing streak for Wisconsin against their border rival in the all-time series.Rigsby explained that at this point UW is just trying to keep looking forward.“I’m tired of losing to this team,” Rigsby said. “We’re definitely going to face them again, no doubt, so hopefully we’ll be able to capitalize on our opportunities, refocus and make sure we do the little things right to succeed.”Badgers fall short FridayThe top two teams in the nation came together Friday night at LaBahn Arena in what was one of the fastest-paced games of the season. The Wisconsin women’s hockey team hosted Minnesota in the first of the two-game series, fighting tooth and nail until the very last minute against the No. 1 ranked Golden Gophers, but eventually walking away with a tough 3-2 loss.The two rivals showed their love for one another by starting off the Valentine’s Day game with four penalties in the first period. Wisconsin ran a successful penalty kill early on while senior defense Natalie Berg served two minutes in the box for hooking, though it was far from easy. Minnesota swarmed the net, consistently putting the pressure on senior goalie Alex Rigsby, who blocked all five shots directed her way while play was five-on-four.Wisconsin head coach Mark Johnson had prepared his Badgers for this situation and anticipated a high pace being set early on by opposing head coach Brad Frost and his Gopher players.“[The Gophers] play at a really high pace, and if you’re going to compete with them you have to play fast and you have to take care of the puck and certainly try not to take too many penalties,” Johnson said. “They’ve got some high-powered forwards that create scoring opportunities and if you don’t defend well you’re going to be left looking a little silly.”Later on in the first period, Minnesota received two penalties back-to-back, giving UW a five-on-three advantage. Right as the first penalty expired, still leaving Wisconsin with a one man advantage, forward Brittany Ammerman put Wisconsin on the scoreboard. Defenseman Courtney Burke started the play, moving the puck over to the top of the right circle to forward Katy Josephs, who fired a shot into a crowd of players in front of Minnesota goaltender Amanda Leveille (21 saves). Ammerman was among those in the heavy traffic and redirected Josephs’ shot into the back of the Minnesota net.“We just had good puck possession so I stayed out there and just found a presence in front of the net,” Ammerman said of her goal. “It was a good momentum-shift for us.”There was still plenty of time to play after Wisconsin’s initial goal and Minnesota was far from yielding to the Badgers. Answering back, the Gophers put up a goal of their own 5 minutes and 44 seconds into the second period, followed by a second one in the beginning of the third at the 3:37 mark to take the 2-1 lead over Wisconsin.But just a few minutes later, looking for an opening to break out of the defensive zone, Wisconsin defenseman Kelly Jaminski pushed the puck up to forward Blayre Turnbull. Turnbull flew down the left side of the ice, and, on approaching the Gophers’ goaltender Leveille, split two Minnesota defenders and tossed the puck over Leveille’s shoulder, into the back of the net, bringing all of LaBahn Arena to its feet.“It’s a good response,” Johnson said of Turnbull’s breakaway goal. “[Minnesota] defends very well, so they get up 2-1 and you know you may not get another goal, but [Turnbull] took it upon herself and had a nice rush and created energy.”But Turnbull’s end-to-end goal still wasn’t enough to discourage the Gophers. A little less than four minutes later Minnesota racked up what turned out to be the game-winning goal on a broken play inside the Badgers’ defensive zone. Gopher defenseman Rachel Ramsey was surrounded by several Badger players upon entering the zone, leaving a wide-open Dani Cameranesi in front of the net. Ramsey promptly fed Cameranesi, who one-timed the pass past Rigsby to give the Gophers the 3-2 lead and the lead for good with 10 minutes and 58 seconds left to play.Wisconsin pulled Rigsby (30 saves) with more than a minute left in the game, but despite several quality chances the Badgers could not reach the back of the net, falling in a heartbreaker on what was senior night for Rigsby and five others, including Jaminski, Natalie Berg, Madison Packer, Ilana Friedman and Stefanie McKeough.“It’s definitely disappointing,” Rigsby said. “I thought our team played really well, but obviously it didn’t end the way we wanted. It’s never fun to come home and lose in your own rink, but all that aside I thought we played really well tonight and we’ll be ready for tomorrow night.”last_img read more

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‘Pringle deserves MVP award, too’

first_imgFajardo. —DENISON DALUPANGOne person stands in the way of an unprecedented fifth Most Valuable Player honors for June Mar Fajardo in the Philippine Basketball Association.But the San Miguel Beer star center is the least bothered about it.ADVERTISEMENT LATEST STORIES View comments “I toiled for it. I’ve always wanted to improve every game, every conference. I try not to be stagnant. I want to continue improving,” said Fajardo.“Who would’ve thought I’d ever snare five, right? I was the butt of jokes back then, now I’m on the cusp of having the most [MVP trophies].”Votes from players, the league and members of the press will determine the winner.Pringle, despite limited games due to a stint with the national team, is also the scoring king with a 21 points average. The MVP will be bared on Jan. 13 during the Season 44 opening.ADVERTISEMENT Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Resurgent Lady Maroons out to surprise UAAP volley field Don’t miss out on the latest news and information. Carpio hits red carpet treatment for China Coast Guard Eduard Folayang gets new opponent for ONE Manila card Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college LeBron James stretches lead in NBA All-Star Game fan voting Pagadian on tighter security for 100,000 expected at Sto. Niño feast Trending Articles PLAY LIST 00:50Trending Articles01:42Despite decorated career, June Mar Fajardo is not yet done: ‘I don’t want to be stagnant’00:50Trending Articles02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award “Whoever wins deserves it,” the 29-year-old Fajardo told reporters in Filipino shortly after San Miguel Beer’s first practice for the year at Acropolis in Libis on Wednesday.NorthPort’s Stanley Pringle leads the statistical points race with 35.5 while Fajardo, the Best Player in the first two conferences until a shin injury prior to the Governors’ Cup limited him to just three games, has 33.1.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubs“It’s actually nice that he’s leading,” Fajardo said of Pringle. “But of course, if ever I get it, I’ll still consider it as a blessing.”If he wins, Fajardo will get past mentor Ramon Fernandez and Alvin Patrimonio, both with four MVP trophies, too, but were not consecutive winners like the Cebuano. The Witcher series prompts over 500,000 reprints of Andrzej Sapkowski’s books Phivolcs: Slim probability of Taal Volcano caldera eruption Sports Related Videospowered by AdSparcRead Next MOST READ Duterte says he will appoint Gamboa as next PNP chieflast_img read more

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