MSMEs in Cordillera get funding boost

BAGUIO. MSME beneficiaries from the provinces of the Cordillera sign loan applications witnessed online by DTI Secretary Ramon Lopez and SBC President and CEO Maria Luna Cacanando with DTI-Cordillera Director Myrna Pablo, SBC North Luzon Group head Arell Bañez and DTI Baguio-Benguet Provincial Director Freda Gawisan. The simultaneous signing activity along with beneficiaries from the National Capital Region is conducted via video teleconferencing. (Art Tibaldo)
BAGUIO. MSME beneficiaries from the provinces of the Cordillera sign loan applications witnessed online by DTI Secretary Ramon Lopez and SBC President and CEO Maria Luna Cacanando with DTI-Cordillera Director Myrna Pablo, SBC North Luzon Group head Arell Bañez and DTI Baguio-Benguet Provincial Director Freda Gawisan. The simultaneous signing activity along with beneficiaries from the National Capital Region is conducted via video teleconferencing. (Art Tibaldo)

AT LEAST 10 percent of the 26,000 micro, small and medium enterprises (MSMEs) in the Cordillera Administrative Region (CAR) continue to operate after the three month community quarantine brought about by the coronavirus disease (Covid-19) pandemic.

The Department of Trade and Industry (DTI)-Cordillera reported that most of these MSMEs are into selling and retailing food to groceries and restaurants.

Myrna Pablo, DTI-Cordillera director, said the agency is embracing the new normal and has been working even during the quarantine periods.

Pablo said 13,000 to 14,000 were assisted by DTI-Cordillera.

MSMEs whose businesses are affected by the Covid-19 pandemic get funding support from the government through the Pondo Sa Pagbabago at Pag-asenso, Covid-19 Assistance to Restart Enterprises (P3 Cares), a program of the DTI implemented by the Small Business Corporation (SBC).

On July 3, DTI Secretary Ramon Lopez and SBC President and CEO Maria Luna Cacanando was with beneficiaries from the different provinces of the Cordillera Administrative Region (CAR) and the National Capital Region (NCR) and had a simultaneous signing activity conducted via video teleconferencing.

Present during the event were Pablo, SBC North Luzon Group Head Arell Bañez and DTI Cordillera provincial directors.

A total loan of P2,837,000 for 37 beneficiaries was released for CAR from June 29 to July 3, with four from Abra, 13 in Baguio-Benguet, five from Kalinga and 15 from Mountain Province.

Another P3,947,000 loans for 72 borrowers will be released within July.

Lopez informed that this is the program of President Rodrigo Duterte, who is ever concerned with the welfare of MSMEs.

"This July, SBC is set to release P6.7 million for all the provinces of CAR which is why we are glad that of all the regions, no less than the Secretary had the ceremonial signing with the MSME's in CAR. The purpose of these loans are for recovery purposes like for the acquisition of raw materials needed for their enterprises which they would have to acquire from other places," Pablo added.

Although these said loans are small, Pablo said MSMEs should start to recover by buying an inventory of their raw materials and their working capital for them to restart their businesses through this stimulus loan support. (With a report from DTI-Cordillera)

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