The Department of Trade and Industry’s (DTI) Pondo sa Pagbabago at Pag-asenso (P3) program that aims to help micro entrepreneurs around the...
The Department of Trade and Industry’s (DTI) Pondo sa Pagbabago at Pag-asenso (P3) program that aims to help micro entrepreneurs around the country with financing matters through access to cheap and easy credit is now available nationwide.
With P1 billion funds coming from the Office of the President intended for borrowers, the Agency recently announced its opening for business and disclosed the objectives and policies of the program. DTI Undersecretary for Regional Operations Ms. Zenaida Maglaya said, “the administration’s brainchild of micro-finance facility encourages micro entrepreneurs to borrow money from P3 that will help them finance their businesses”.
Ms. Maglaya added, “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.”
The P3 program is in accordance to President Rodrigo Duterte’s directive, where it is seen to replace the “5-6” money lending system and 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. Early this year the said program was launched with a total amount of P7.7 M released to individual borrowers in pilot areas such as Tacloban, Leyte on January 25 with P3.5M released to individual borrowers, on January 27 in San Jose, Occidental Mindoro with P2.2M and in Alabel, Sarangani with P1.8M on January 30. DTI and its micro-financing arm Small Business Corporation (SB Corp) will lead the implementation that will assist micro entrepreneurs financially thru accredited national conduits and local Micro-financing Institutions (MFIs).
The national level conduits are Radiowealth Finance Company (RFC), Taytay sa Kauswagan, Inc. (TSKI), and Mindanao Alliance of Self-Help Societies – Southern Philippines Educational Cooperative Center (MASS-SPECC). Meanwhile, 18 local (MFIs) are accredited in Luzon, 6 in Visayas and 3 in Mindanao.
A total of P104.9 million has been released to P3 conduits as of May 31, 2017.
The primary beneficiaries of the P3 Program are microenterprises and entrepreneurs that do not have easy access to credit like market vendors, agri-businessmen and members of cooperatives, and industry associations. Loan application and processing under the P3 program will only require minimal documentation and only one (1) day processing at a low interest of 2.5 percent per month and easy payment terms of either weekly or daily basis. Loanable amounts range from P5, 000 to P100, 000.00 with no required collateral. (Ruel Francisco, PIA-Cavite with reports from DTI-Cavite)
With P1 billion funds coming from the Office of the President intended for borrowers, the Agency recently announced its opening for business and disclosed the objectives and policies of the program. DTI Undersecretary for Regional Operations Ms. Zenaida Maglaya said, “the administration’s brainchild of micro-finance facility encourages micro entrepreneurs to borrow money from P3 that will help them finance their businesses”.
Ms. Maglaya added, “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.”
The P3 program is in accordance to President Rodrigo Duterte’s directive, where it is seen to replace the “5-6” money lending system and 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. Early this year the said program was launched with a total amount of P7.7 M released to individual borrowers in pilot areas such as Tacloban, Leyte on January 25 with P3.5M released to individual borrowers, on January 27 in San Jose, Occidental Mindoro with P2.2M and in Alabel, Sarangani with P1.8M on January 30. DTI and its micro-financing arm Small Business Corporation (SB Corp) will lead the implementation that will assist micro entrepreneurs financially thru accredited national conduits and local Micro-financing Institutions (MFIs).
The national level conduits are Radiowealth Finance Company (RFC), Taytay sa Kauswagan, Inc. (TSKI), and Mindanao Alliance of Self-Help Societies – Southern Philippines Educational Cooperative Center (MASS-SPECC). Meanwhile, 18 local (MFIs) are accredited in Luzon, 6 in Visayas and 3 in Mindanao.
A total of P104.9 million has been released to P3 conduits as of May 31, 2017.
The primary beneficiaries of the P3 Program are microenterprises and entrepreneurs that do not have easy access to credit like market vendors, agri-businessmen and members of cooperatives, and industry associations. Loan application and processing under the P3 program will only require minimal documentation and only one (1) day processing at a low interest of 2.5 percent per month and easy payment terms of either weekly or daily basis. Loanable amounts range from P5, 000 to P100, 000.00 with no required collateral. (Ruel Francisco, PIA-Cavite with reports from DTI-Cavite)
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