Marawi entrepreneurs receive loan assistance from SB Corp.
January 5, 2018
MAKATI CITY – At
least 24 Maranao entrepreneurs received assistance from the Small
Business Corporation (SB Corp) in form of the Pondo sa Pagbabagao at
Pag-asenso (P3) loans to help bring back the business environment in
the war-torn city.
SB Corp, the
micro-financing arm of the Department of Trade and Industry (DTI)
released a total of P245,000 to 24 borrowers who were also recipient
of DTI’s business starter kits. Another P10,000 P3 loan package was
also released to 13 micro enterprises last week.
“DTI is bringing the
government's P3 microfinancing program closer to the entrepreneurs
of Marawi by helping them start and rebuild their businesses. We are
committed in reviving the vibrant business environment in the city,
especially for the Maranaos who are well-known as traders,” said DTI
Secretary Ramon Lopez.
As part of Task Force
Bangon Marawi (TFBM), DTI, together with other government agencies
comprising the subcommittee on business and livelihood (SC-BL), has
assisted affected Marawi residents to bring back the illustrious
DTI Undersecretary for
Regional Operations Group Undersecretary Zenaida Maglaya assured
that the agency has been on the ground to provide assistance to
affected Marawi internally displaced persons (IDPs) to hasten the
recovery and rehabilitation of the city.
“Together with member
agencies of the Task Force Bangon Marawi Subcommittee on Business
and Livelihood, we would make sure that Marawi City will quickly
return to normalcy upon the orders of the President. We’re bringing
back business for our brothers and sisters who were greatly affected
by the war,” Maglaya said.
SB Corp has earmarked at
least 1,000 Marawi entrepreneur beneficiaries that will receive loan
packages in the first quarter of 2018.
Maglaya added that more
entrepreneurs will be assisted by the agency through loan packages
The initial 37 borrowers
were recipient of the DTI business starter kit from DTI Lanao del
Norte and DTI Iligan City provincial offices. Succeeding loans will
be done in cooperation with the local government and the
administrator of the Marawi public market who shall identify
qualified market stall owners as perspective borrowers.
Other micro enterprises
who are neither DTI starter kit recipients or Marawi public market
stall owners, may apply for P3 loans from SB Corp accredited
conduits such as Radiowealth Finance Company Inc. (RFC) and CARD,
Inc. who are presently operating in the area.
The provision of starter
kits is in line with the order of President Rodrigo Duterte to
provide livelihood to IDPs from Marawi City and other affected
localities. This also follows the Administrative Order No. 03 of the
President, mandating the creation of an inter-agency task force that
would implement the recovery, reconstruction, and rehabilitation of
Marawi City and other affected localities of which providing
business and livelihood is crucial.
Member agencies of the
Subcommittee on Business and Livelihood are Department of
Agriculture (DA), Department of Agrarian Reform (DAR), Department of
Environment and Natural Resources (DENR), Department of Labor and
Employment (DOLE), Department of Social Welfare and Development (DSWD),
Department of Science and Technology (DOST), Mindanao Development
Authority (MinDA), Office of the Presidential Adviser on the Peace
Process (OPAPP), and Technical Education and Skills Development
The P3 program for Marawi
will also provide credit risk support to microfinancing institutions
(MFIs) including rural banks who want to start lending in the Lanao
del Sur area in exchange for their timely and quick response. Loan
qualification criteria will be relaxed to support gradual
normalization of MFI operations in Lanao del Sur and nearby
provinces where the displaced microenterprises were temporarily
owners may contact SB Corp P3 Marawi coordinators at (088) 291-8033,
0975-906-2762, or 0916-662-0488.