“Temporary Suspension of Payment for the Financial Assistance Extended to Current Beneficiaries of TAPI Programs.”
ANSWER: Current beneficiaries of all TAPI program of assistance nationwide whereby financial obligation arises therefrom. The term “Current” means at the time of the Period referred to in the MC, the original term of the project has not expired yet or if there is a previously approved request for restructuring extending the term and at the time the said Period, such extended term has not yet expired.
Reference: Section 2. “Current beneficiaries of all TAPI program of assistance nationwide”. Section 3. Definition of Period.
ANSWER: Yes. The MC speaks of financial assistance nationwide.
ANSWER: Proclamation No. 929 is a presidential proclamation “Declaring a State of Calamity Throughout the Philippines Due to Corona Virus Disease 2019”, issued on 16 March 2020 by the President Rodrigo Roa Duterte. Sections 1 and 2 thereof states as follows:
ANSWER: It depends. If the original term of the project of the beneficiary is not yet finished or there is a previously approved request for restructuring extending the term and at the time the said Period, such extended term has not yet expired, then the beneficiary can avail of the MC for the said project.
ANSWER: Checks/payments for financial obligations falling due and demandable within the Period starting from the 16 March 2020 (effectivity of Proclamation No. 929) and ending in Ninety (90) calendar days from the effectivity of the lifting of Section 2 of the said Proclamation.
ANSWER: For example, the project of the beneficiary Mr. X, in the amount of Php1.2M, requires him to refund the financial obligation in twelve (12) months starting 30 January 2020 onwards at Php120,000.00 per month. His January and February checks are paid already. The Proclamation No. 929 was issued on 16 March 2020 and Section 2 thereof (Enhanced Community Quarantine throughout Luzon) was actually lifted on 12 April 2020.
How will the MC apply to him?
7. If my project is already terminated and I am being required to return the financial assistance, can I avail of the MC?
ANSWER: No. The MC covers only “current beneficiaries”. The fact that the project is already terminated makes the same no longer current.
8. If the financial obligation arising from my project is now under on-going court proceedings, can I avail of MC?
ANSWER: No. The MC covers only “current beneficiaries”. The fact that the project is already under court proceedings means the project is already terminated and thus, no longer current.
ANSWER: Yes. The MC does not prohibit multiple application of the privilege so long as all the financial obligation is covered by the MC.
10. If I have current project with TAPI and with other agencies/offices of DOST, can I avail of the MC for my TAPI project?
ANSWER: Yes. The MC is independent from the beneficiaries’ financial obligation under programs of other Agencies and Offices of DOST. MC does not cover financial obligation under programs of other Agencies and Offices of DOST.
ANSWER: Yes. Suspension and rescheduling entails movement in the periodic payments which will necessarily extend the original term.
ANSWER: No. The MC does NOT provide any limit in the amount of financial assistance or obligation for the privilege to apply so long as all the financial obligation is covered by the MC.
ANSWER: No. The MC covers only checks/payments for financial obligations falling due and demandable within the Period starting from the effectivity of Proclamation No. 929 and ending in Ninety (90) calendar days from the effectivity of the lifting of Section 2 of the said Proclamation.
ANSWER: No. The application of the MC to all financial obligations is automatic. Hence, there is no need for any kind of request in order to avail of the privilege given in the MC.
ANSWER: No. The MC does not require documentary requirements other than replacing the checks that become unusable within 90 calendar days after the lifting of Section 2 of the Proclamation.
ANSWER: Yes. All the checks that becomes unusable such as when they become stale, shall be timely replaced by the beneficiary in order to ensure payment of the remaining balance in according to the suspension and rescheduling of the periodic payments.
ANSWER: The MC was specific as to the period of suspension. Should the beneficiary still not able to settle his obligation after the said period, meaning, the checks they issued were returned unfunded, penalties will be charged to them reckoned from their new due dates. However, they can request for deferment/restructuring, subject to the applicable rules and the discretion of TAPI.
ANSWER: Yes. You should timely write to TAPI specifically requesting for or manifesting the non-application of the MC to your account so that TAPI can deposit your PDCs as originally scheduled. The beneficiary can also request for a shorter period of suspension period. Thus, the default is to automatically suspend and reschedule payments. Exception is when the beneficiary expressly requested otherwise (in writing). Request/manifestation should be made at least Five (5) calendar days prior to the due date of the checks that will follow the original schedule. Request/Manifestation through email sent to firstname.lastname@example.org using the beneficiary’s official email address appearing in the records of TAPI is acceptable.
19. If the checks I issued are still good at the time of the next payment, should I still replace them?
ANSWER: No, provided that they can be used for the next payments. For example, you originally issued PDCs dated, among others, 30 June 2020 and July 30 2020. Due to the suspension and rescheduling of the periodic payments, your next payments fall on 12 July 2020, 30 July 2020, and so on. Since, your June 30 check is still valid on 12 July 2020, you can still use the said check as your July 12 payment. Your July 30 check will serve as your payment for 30 July 2020. However, you need to issue new PDCs to ensure that all the remaining periodic payments will be paid.
ANSWER: Yes. First, all the checks that can still be deposited will be presented to the bank for payment the day immediately after the Period mentioned in the MC. Second, all the unpaid periods will be charged penalties from the time they originally become due and demandable until fully paid.
ANSWER: Yes. The application of MC to the payments of your financial obligations results to the waiver of interests, penalties and/or surcharges, by TAPI for the duration of the “Period of Suspension” mentioned in the MC. The Ninety (90) calendar days after the lifting of Section 2 of the Proclamation even further allows you to recover from the losses you may have incurred due to the calamity.
The Venture Financing Program (VFP) aims to accelerate the commercialization of innovative and emerging technologies by providing the necessary funding support to start-ups and technology-based expansion projects.
MSMEs (single proprietorship, partnership, cooperative and corporation) or organization based in the Philippines, majority owned by Filipino citizens and willing to apply technological innovations using commercially viable technologies and new/innovative products developed by DOST agencies and the S & T community to their existing products, services and/or operations.
The financial assistance shall cover mainly the cost of acquisition/ fabrication of critical production equipment.
All proposals for the Venture Financing Program (VFP) should be directly submitted to the Office of the Director of TAPI.
The financial assistance shall not exceed 2,000,000 per project.
No, a proponent cannot submit more than one proposal under the Venture Financing Program (VFP).
The program requires at least 30% counterpart funds from the requesting party in the form of fresh funds.
The levels of evaluation are consist of an initial evaluation of documentary requirements, a technical evaluation conducted by TAPI’s in-house experts, a regional technical evaluation (if necessary) and a final review, evaluation and deliberation by the TAPI EXECOM.
The major criteria for evaluation and approval of proposal are the, technical viability, socio-economic viability, technology applicability, marketability and alignment to DOST priority areas.
Approximately, how long will it take to evaluate the proposal and release the funds to the requesting party?
It takes approximately forty-five (45) days to evaluate the proposal and release the funds to the requesting party depending on how fast the proponent will submit the necessary documents requested to clarify issues raised by TEC.
Documentary requirements such as the Audited Financial Reports and other financial documents are required. Post-dated Checks and bank details are required from the beneficiary prior to fund release.
The financial assistance provided should be used in accordance with the approved Line-Item Budget. Implement the project in accordance with the schedule of activities and achieved the objectives of the project.