SAN JOSE, Antique May 19 (PIA) - - Micro entrepreneurs here are expected to expand their businesses away from the clasp of the loan sharks’ “5-6” money lending scheme.
According to DTI Information Officer Joy Cardinal the government has conceptualized a program for the small businessmen dubbed ‘Pondo para sa Pagbabago at Pag-asenso’ or P3 which will provide affordable micro-financing for the micro, small and medium enterprises.
“This is a micro finance initiative of President Rodrigo Duterte,” Cardinal said as she explained the salient features of the ‘P3’ during the recent meeting of the Antique Association of Information Officers hosted by the local government of San Remigio, Antique.
Loan amounts to end-borrowers will be in the range of P5,000 to P100,000, at a maximum interest rate of 2.5 percent with no collateral requirement.
The loans will be channeled through micro finance institutions that the DTI will identify, as there will also be a program management office to oversee the management and monitoring of the ‘P3’.
Meanwhile, Presidential Spokesperson Ernie Abella in a press statement said that the administration remains focused in bringing prosperity to all, especially to the disadvantaged and marginalized sectors.
“We have therefore initiated several pro-poor undertakings, such as free medicine to indigents, higher pension for seniors, increased combat duty pay and combat incentive pay for soldiers and policemen, additional rice subsidy to our conditional cash transfer recipients, and the microfinancing system (or pondo sa pagbabago at pag-asenso), which we have already piloted in some areas,” Secretary Abella said. (JCM/VWV/PIA Antique)