DEPARTMENT of Trade and Industry (DTI) 7 Director Asteria Caberte said the government’s billion-peso microfinancing program will be rolled out to all regions by the second quarter.
At present, the Pundo sa Pagbabago at Pag asenso (3Ps) is being pilot-tested in Mindoro, Leyte, and Sarangani, among the top 30 poorest provinces in the country.
“It will be rolled out in all regions after the first quarter pilot run in Leyte, Sarangani, and Mindoro,” said Caberte yesterday.
“As soon as the lending mechanism is refined and finalized based on the experiences in these pilot areas, the same will be rolled out to all regions,” said DTI Assistant Regional Director (ARD) Nelia Navarro in a separate text message.
The DTI has secured a P1-billion funding for the micro, small and medium enterprises (MSMEs) to provide access to capital and discourage “5-6” lending among Filipinos.
Priority beneficiaries include those who do not have easy access to credit such as micro-entrepreneurs, market vendors, farmers, and members of cooperatives, industry associations and co-operators, said DTI.
Loanable amounts range from P5,000 to P300,000 with an interest rate of two percent per month. No collateral will be required.