President Ferdinand R. Marcos Jr. on Monday ordered the nationwide expansion and accessibility of the Turismo Asenso Loan Program, particularly to micro, small, and medium enterprises (MSMEs) in far-flung areas across the country. 

The Turismo Asenso Loan Program is a collaborative effort of the Department of Tourism (DOT) and the Department of Trade and Industry (DTI), together with DTI’s financing arm, the Small Business Corp. (SBCorp.), to enhance MSMEs by providing capital support.

“DOT, DTI, at SBCorp., tiyakin ninyong abot ang Turismo Asenso Loan Program at iba pang tulong sa buong panig ng bansa (DOT, DTI, at SBCorp, make sure that the Turismo Asenso Loan Program and other assistance would be more accessible across the country,” President Marcos said in his speech during the program’s awarding ceremony held at the Marriott Grand Ballroom in Pasay City.

During the event, nine tourism-related MSMEs from the National Capital Region (NCR) and Calabarzon (Region IV-A) were granted loan assistance ranging from PhP150,000 to PhP1 million.

Marcos believes that these loan packages are expected to boost the business of the beneficiaries and create more sustainable economic opportunities for local communities.

“Sa pamamagitan ng mga loan na ito, matutulungan natin ang ating mga MSMEs na sila’y mapalago ang inyong mga negosyo, mapahusay ang kalidad ng serbisyo upang maipakita ang tatak ng ating ipinagmamalaki na Filipino hospitality (Through these loan, it will help our MSMEs to improve their businesses, and enhance the quality of their services so that they can showcase our Filipino hospitality),” he said. 

“Higit sa lahat, makapagbigay ng mas magandang kinabukasan para sa inyong pamilya at komunidad (Furthermore, it will provide better future to the our family and community),” the President added.

Marcos also directed DOT and DTI to expand awareness efforts for the program, simplify the application process, and ensure that more Filipinos benefit. 

Under the loan program, eligible applicants can borrow up to P20 million at a competitive interest rate of 1 percent monthly on a diminishing balance basis.

Non-collateral loans are available up to P3 million for new borrowers and P5 million for existing ones. Flexible repayment terms up to five years are also available.

Businesses must be registered and at least 60 percent Filipino-owned to qualify for the program. 

Applicants must also have a track record of the business for at least one year; have an asset size (excluding lot) not exceeding PhP100 million; have no past due in any of the programs of SBCorp.; and have no major negative credit findings.