The Philippine government recently launched its P3 program or Pondo sa Pagbabago at Pag-asenso, a 1-billion peso project to help Filipino micro entrepreneurs against the quicksands of 5-6.
According to DTI Undersecretary Zenaida Maglaya, micro entrepreneurs like sari-sari store owners, wet market vendors, and the like can borrow 5,000-100,000 pesos for their business.
The interest will only be 2.5% compared to the 5% of the usual 5-6 lending schemes.
Interested applicants may simply go to the seven accredited cooperatives and finance institutions listed below:
- Cebuana Lhuillier Finance Corporation
- Radiowealth Finance Company, Inc. (RFC)
- Center for Agriculture and Rural Development, Inc. (CARD)
- Taytay sa Kauswagan, Inc. (TSKI)
- Tulay sa Pag-unlad, Inc. (TSPI)
- Mindanao Alliance of Self-help Societies, Inc. (MASS-SPEC)
- National Confederation of Cooperatives, Inc. (NATCCO)
Simple step by step procedure to apply:
- Bring valid I.D. and any proof of your micro business
- Fill out application form
- Short interview for necessary information
There will be no collateral and approved applications can get their loans within a day.
DTI has released P4.72 million for the loan application of 135 micro businesses in three pilot areas of the program which include Occidental Mindoro, Tacloban and Sarangani province.
The program has first become available in the poorest of the provinces, but will eventually be nationwide before the year ends.