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97% of funds for assistance for critically impacted shipping firms distributed, PPA says

BusinessWorld February 8, 2021 | 12:04 am Senior Reporter THE Philippine Ports Authority (PPA) said it had released about 97% of the allocated budget for the financial assistance for the shipping companies or operators that had been critically impacted by the coronavirus pandemic. The amount of funds used as of Jan. 26 was P7,458,965.75, according to PPA data that the agency provided to BusinessWorld on Jan. 29. The amount was released to 4,068 beneficiaries, the PPA said. Based on the PPA Memorandum Circular No. 42-2020, the agency was given P250 million under the Bayanihan Act II or Republic Act No. 11494 for the implementation of the assistance for the maritime sector.

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