SB Corp. releases microfund for Marawi entrepreneurs

FILE: Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), has released microloans for entrepreneurs affected by clashes in Marawi City, through the agency’s Pondo sa Pagbabago at Pag-asenso or P3. (Pixabay photo)

MANILA — Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), has released microloans for entrepreneurs affected by clashes in Marawi City, through the agency’s Pondo sa Pagbabago at Pag-asenso or P3.

DTI said Friday over PHP250,000 from P3 fund were released for nearly 40 Marawi entrepreneurs.

DTI’s assistance for Marawi entrepreneurs is one of the initiatives for Marawi rehabilitation being part of the Task Force Bangon Marawi, an inter-agency task force for the recovery, reconstruction, and rehabilitation of Marawi City and other localities, which sustained damages on public infrastructure and private properties due to the clashes between government troops and terror groups.

“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,” DTI Secretary Ramon Lopez said.

Meanwhile, DTI has earmarked loan packages for 1,000 Marawi entrepreneurs in the first quarter of 2018.

In a previous interview, Lopez said the administration allocated PHP1 billion for P3 this year.

Under the P3, the government can lend PHP5,000 to PHP100,000 for an enterprise at an interest rate not exceeding 2.5 percent per month, which is lower than the 20 percent monthly interest rate in “5-6” lending schemes.