THE Department of Trade and Industry (DTI) in Northern Mindanao on Wednesday, May 31, unveils the provision of a new credit facility for micro entrepreneurs called Pondo sa Pagbabago at Pag-asenso, otherwise known as P3.
Zenaida Maglaya, DTI undersecretary for Regional Operations, said micro entrepreneurs can borrow money with starting worth P3 to help them finance their businesses.
Maglaya said in a statement that the new program aims to help budding entrepreneurs in the country.
She said Filipino businessmen can access cheap and easy credit without any hassle when they avail the new program.
With sufficient funds to provide to borrowers, DTI said along with its micro-financing arm Small Business Corporation (SB Corp), they will lead the implementation that will assist micro entrepreneurs financially and enable them to grow their businesses.
“After filling out a half-page application and presenting necessary documents, the money can be released within the day,” Maglaya said.
“After we’ve launched the P3 in Tacloban, Occidental Mindoro, and Sarangani in January 2017, P3 is now going nationwide. We hope this will encourage micro entrepreneurs to patronize the government’s program so we can eliminate loan sharks,” she said.
According to DTI-Northern Mindanao, national conduits, which includes Radiowealth Finance Company (RFC), Taytay sa Kauswagan Inc. (TSKI), and Mindanao Alliance of Self-Help Societies–Southern Philippines Educational Cooperative Center (MASS-SPECC), together with local micro-financing institutions have already been accredited by the small business corporation to assist in distributing the funds to micro entrepreneurs.
To date, there are already 18 local micro-financing institutions accredited in Luzon, six in Visayas, and three in Mindanao, with a total of P104.9 million released to P3 conduits as of Wednesday.
The program, is a P1 billion financing program intended to give MSMEs better access to finance, and to reduce their cost of borrowing.
President Rodrigo Duterte viewed the P3 program will reduce, if not eliminate, the “5-6” money lending system and loan sharks.
It is also seen to help stabilize supply and cost of commodities in public markets, encourage small entrepreneurs to grow their businesses and offer employment and generate income for Filipinos.
