|
In
the photo are (from L to R): SB Corporation’s Head for
Treasury Juliet Calimlim and Executive Vice President Melvin
Abanto, Sec. Lopez, CARD MRI Founder and Chairman Emeritus
Dr. Jaime Aristotle Alip, and CARD Inc’s President
Flordeliza Sarmiento and Executive Director Jocelyn Dequito. |
DTI, CARD renew
P3 partnership with another P100-M MSME loan fund
By
DTI-OSEC-PRU
October 10, 2018
MAKATI CITY – The
Department of Trade and Industry (DTI) widens the reach of Pondo sa
Pagbabago at Pag-asenso (P3) program with another P100 million loan
fund for micro, small, and medium enterprises (MSMEs) following its
renewed partnership with Center for Agriculture and Rural
Development (CARD), Inc. (a microfinance NGO).
The partnership between
DTI and CARD signed through a Memorandum of Understanding (MOU) on 5
October 2018 will have an additional P100 million to the first P100
million allocated by CARD to augment P3 funds, for a total of P200
million-worth of loan funds now available for MSMEs nationwide.
According to DTI Secretary
Ramon Lopez, CARD – being the biggest microfinance institution – can
be a credit delivery partner (CDP) that can reach areas not usually
covered by other P3 CDPs. Sec. Lopez also expressed his appreciation
to the group in supporting government initiatives to empower micro
entrepreneurs, especially in the countryside.
The loan fund is expected
to benefit over 20,000 MSMEs, in addition to the current 41,800
MSMEs under the P3 program of CARD. The MOU also covered conduct of
orientation, validations, microenterprise development trainings,
livelihood, and financial literacy to clients.
Currently DTI, through SB
Corporation, has assisted 50,500 unique micro enterprise borrowers.
The P2 billion loan fund will be fully downloaded to the MSME
borrowers through CDPs by February 2019 and will benefit a total of
80,000 borrowers.
In total, the partnership
will be able to provide microfinancing assistance to over 140,000
MSMEs.
