P3 aims to provide easy access for micro, small and medium enterprises nationwide in a bid to prevent entrepreneurs from tapping the usurious 5-6 lending schemes with high interest.
The government on Monday said it extended P38.5 million as loans to internally displaced persons (IDP) and the families of uniformed personnel either killed or wounded in the five-month siege in Marawi city, Lanao del Sur in 2017.
The loans were facilitated by the Department of Trade and Industry’s (DTI) financing arm, SB Corp. under the trade agency’s Pondo sa Pagbabago at Pag-asenso (P3) program.
According to the DTI, it has loaned a total P7.6 million to 457 Marawi entrepreneurs, in amounts ranging from P10,000 to P20,000 per beneficiary.
SB Corp. also released P31 million to the families of 402 uniformed personnel as of 18 October this year.
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The loans availed of by the beneficiaries ranged between P40,000 to P100,000 and were provided under the special DTI program for the wounded-and-killed in action (WIA-KIA), an offshoot program for soldiers and policemen and their families affected by the Marawi conflict.
The funds for the program were also sourced from the P50 million budget earmarked for lending under the P3-Marawi and WIA-KIA financing program.
P3 aims to provide easy access for micro, small and medium enterprises nationwide in a bid to prevent entrepreneurs from tapping the usurious 5-6 lending schemes with high interest.
Under the financing program, soldier loans of P100,000 or less will be interest-free if paid in full within two years. Beyond the term, the DTI said interest per year will hit two percent.
Funds for regular borrowers range from P5,000 to P200,000 with interest not exceeding 2.5 percent. The DTI has released P3.10 million worth of loans to 83,088 borrowers as of end-May this year, two-and-a half years after the establishment of the program in 2017 with a P1-billion budget.
The trade agency leads the Task Force Bangon Marawi (TFBM) subcommittee on business and livelihood, which is mandated to fast-track the recovery and rehabilitation of the business environment in Marawi. The TFBM was created under Administrative Order 03 for the purpose of uplifting the city of Marawi.
Marawi saw destruction after a five-month armed conflict between government security forces and extremist militants.
