micro-financing fund launched in Tacloban. As part of
Administration’s commitment to provide affordable
micro-financing program for the micro, small and medium
enterprises (MSMEs), President Rodrigo Duterte (middle right),
along with Department of Trade and Industry Secretary (DTI)
Ramon Lopez (middle left), Housing and Urban Development
Coordinating Council (HUDCC) Secretary Jun Evasco (leftmost),
and Mayor Cristina Gonzales-Romualdez (right) led the ceremonial
launching of the Pondo sa Pagbabago at Pag-asenso (P3) on
January 25 in Tacloban.
Pondo sa Pagbabago
at Pag-asenso launched in Tacloban, Mindoro, Sarangani
February 1, 2016
MAKATI CITY – The
Department of Trade Industry (DTI) formally launched the Pondo sa
Pagbabago at Pag-asenso Program or P3, a micro financing program
intended for small entrepreneurs, in Tacloban City in Leyte on January
25; San Jose, Occidental Mindoro on January 27; and Alabel, Sarangani
Province on January 31, to help eradicate poverty, and promote
business and employment among Filipinos.
Following President Rodrigo
Duterte’s directive to replace the “5-6” money lending system and
provide an affordable micro-financing for the country’s micro, small
and medium enterprises (MSMEs), the P3 funding program provides
microenterprises an alternative source of financing that is easy to
access and made available at a reasonable cost.
“The P3 program is one way
of helping the underprivileged by giving better chances to elevate
from poverty. Aside from the fund, the DTI thru the Negosyo Centers
will assist the MSMEs with programs suitable to their needs such as
access to market, access to financing, and mentorship,” DTI Secretary
Ramon M. Lopez said.
The identified areas are
considered among the 30 poorest provinces poorest in the country.
A total of 92 micro
borrowers where initially identified to receive loan grants ranging
from P5,000.00 to P100,000.00.
Sec. Lopez also reiterated
the administration’s desire to provide livelihood to those who are at
the bottom of the pyramid.
“Why micro entrepreneurs?
The desire and mandate of our president is to help those who do not
have much. If they fail to be employed, we help them to start a small
business,” he said.
The primary beneficiaries of
the P3 Program are microenterprises and entrepreneurs that do not have
easy access to credit or accessing credit at a very high interest
cost. These include market vendors, agri-businessmen and members of
cooperatives, industry associations and co-operators.
The Small Business
Corporation, an attached agency DTI shall administer the P3 Program.
Aside from creating a Program Management Office to oversee the
management and monitoring of the P3 Fund, SB Corporation will make use
of its lending network and the DTI Negosyo Centers in reaching out to
Loan amounts to
end-borrowers will be in the range of P5,000 to P100,000, at a maximum
interest rate of 2.5% per month, with no collateral requirement.