The Executive rescheduled the credits delivered by the program Reactive Peruwhich allows the financing of micro and small businesses (mypes), as well as those dedicated to activities related to the tourism sector that will face problems paying their credits.
Thus, it granted the beneficiaries a grace period of up to 24 months in addition to the original grace period established in Legislative Decree No. 1455. In the case of companies in the tourism sector, this period may be up to 36 months.
According to Jorge Carrillo Acosta, a professor at the Pacífico Business School, this means that During this period, the beneficiaries will only pay the interest on the loan. and only after 2024 would they begin to pay the first installments.
The rule published yesterday in the newspaper El Peruano indicates that the beneficiaries will have until December 31 of this year to take advantage of the rescheduling. Likewise, it specifies that those companies benefiting from Reactiva Peru that have credits of up to S/ 90,000 may do so. In the event that the loans are greater than this amount and less than S/ 10,000 million, the companies that wish to access the rescheduling must demonstrate a drop in the level of sales equal to or greater than 30% in the year 2021, compared to the year 2019.
Measure expected by tourism and restaurants
The rescheduling of Reactiva Peru’s credits has been a constant demand of businessmen linked to the tourism sector in the last 4 months, says Carlos Canales, president of the National Chamber of Tourism (Canatur).
This request even is part of the 60 actions considered in the Emergency Plan prepared by the Ministry of Foreign Trade and Tourism (Mincetur) to face the crisis that this activity is going through in Peru as a consequence of the pandemic of the COVID-19.
According to the representative of the business association, the extension of the grace period for 36 months will benefit about 30,000 tourism companies, which together owe approximately S/ 3,000 million in credits from Reactiva Peru and also represent 250,000 jobs.
In the case of restaurants and hotels, Blanca Chávez, president of Now Peru, considers that the Executive’s measure “is a respite for the small, medium and large companies that agreed to Reactiva.”
However, he states that it is insufficient to reactivate the sector. “The ideal is that they also help us with the VAT reduction by at least 50%”, comment.
Balance of rescheduling
Until March of this year, the balance of Reactiva credits amounted to S/ 16.6 million, 44.1% of the permanent portfolio, according to information from the Central Reserve Bank of Peru (BCRP).
Of this total, S/ 9,143 million rescheduled belonged to medium-sized companies, followed by S/ 4,080 million to mypes, as well as S/ 3,201 million to large companies and S/ 126 million to corporate companies.
In what corresponds to the economic sectors with the greatest rescheduling to March 2022, lead the trade and services sector with S/ 5,451 million and S/ 7,221 million, respectively.
In the latter, the hotel, restaurant and entertainment subsectors rescheduled 73.2% of their loans, followed by consulting and advertising services, which rescheduled 52.4% of their loans.
Tourism GDP would reach 10% of GDP by 2027
The Minister of Foreign Trade and Tourism, Roberto Sánchez, affirmed on Thursday that tourism can contribute 10% of the gross domestic product (GDP) in five years, since it has the capacity to reach these figures.
“Our goal is that tourism is not only the third or fourth productive sector in the country. From the 3.9% that it registered as a contribution to GDP before the pandemic, it could very well, in the next five years, rise to 10%”, he commented.
In addition, he highlighted the approval of the emergency decree that allows the rescheduling of credits Reactive Peru.
Mypes. Finance Minister Oscar Graham said The measure has “special emphasis on mypes.”
Rate. Interest on rescheduled credits cannot exceed the maximum TCEA obtained in the auctions of the programs dictated by the Government.
Companies that accessed the credit program
Beneficiaries by company size