The COVID-19 pandemic prompted the Philippine government to create the Republic Act 11494 also known as the “Bayanihan to Recover As One Act”.
According to the official gazette of the Philippine government, it is defined as:
An act providing for the COVID-19 response and recovery interventions and providing mechanisms to accelerate the recovery and bolster the resiliency of the Philippine economy, providing funds, therefore, and for other purposes.
Many government programs are being launched right now to help people, start from the least fortunate, and go up the social ladder. One of these programs is aimed at helping the old folks who are no longer able to hold a stable job and are reliant on their pensions or help from relatives. The senior demographic of the city of Tacloban also received their monthly allowance, similar to a stimulus package given in the United States. The total amount is PHP 250.00. They can use this amount for an assortment of functions such as buying medication.
In a statement by Mayor Jose Ivan Dayan Agda, he said:
"This was made possible through the concerted efforts of the city council, the CSWDO, and the Office of Senior Citizens’ Affairs (OSCA), who pushed for the approval of Ordinance No. 175 granting the regular monthly allowance for senior citizens."
The aforementioned amount is not enough by today's living standards, considering how expensive medicines can get and old folks usually take in lots of kinds of them so a loan might be able to supplement their medical needs. There are many sources for legit online loan philippines, banks are a primary source, not all senior citizens may be able to fulfill the requirements.
Despite these new mechanisms being worked on, or are currently implemented, there may still be instances when emergency funds are needed. Since the pandemic has caused quite a dent in the businesses and incomes of many Filipinos, emergency funds are going to be needed now and then, and not everyone may be qualified for a loan. It is also forecast that La Nina is coming and will get worse by the end of the year. Even now, many communities have been affected mostly by flooding, resulting in lost homes and lives. Fortunately, there are alternative means of obtaining a new loan. An example of such a service is Robocash. If you need a quick loan to fund any activity like school, to purchase clothes, food, medicine, etc., then Robocash can give you the necessary funding.
The requirements for the application are easy to accomplish:
Some of the conditions for loan applications are as follows:
1. If the applicant is a senior citizen, he or she must be 70 years old or below with another source of income. A monthly pension does not count so there must be another besides it. The work can be anything such as a business or a freelance job.
2. The applicant has to be at least 21 years old to apply.
3. Must have at least two government-issued IDs.
4. If applicants are acquiring a loan for existing businesses, a DTI certificate is required.
If you are a first-time borrower, you can receive a loan amounting to PHP 1,000.00 to PHP 10,000.00. To loan a higher amount, the first loan must be paid first. The term duration is 7-15 days at 0% daily interest. Such favorable terms apply only to the first loan. The same conditions apply if you are borrowing under an installment plan. After this, borrowing for the second time will open borrowers to new opportunities. The new available amount for a loan is PHP 10,000.00 to PHP 25,000.00. If this under a short-term loan, it must be paid back within 7-30 days at a 1.5% interest rate.
Fortunately, there are many options for emergency cash assistance, even if you are not under any of the government programs. But if you take a loan from a credit company, remember that it must be returned on time.
