THE Department of Trade and Industry (DTI) launched Tuesday, June 6, a program that will serve as an alternative source of fund for the underprivileged entrepreneurs in Zamboanga Peninsula.
Dubbed as "Pondo sa Pagbabago at Pag-asenso" or P3, the program was introduced early this year by President Rodrigo Duterte to help the business of the underprivileged entrepreneurs grow.
"This [P3] program is one way to combat the 5-6 loan sharks," DTI Assistant Regional Director Rolando Acuña said.
Acuña said the interest rate of the P3 program is 2.5 percent monthly as against the 20 percent interest in the 5-6 money lending scheme.
He said the lowest amount an entrepreneur can loan is P5,000 and the highest is P100,000. The amortization of the loan can either be paid daily or weekly.
Duterte has allocated P1 billion for the program, which is being managed by the Small Business Corporation (SBCor), the financing arm of the DTI.
The SBCor has tapped and accredited several Micro-Finance Institutions (MFIs) to serve as the conduit of the fund.
A total of 47 MFIs from across Zamboanga Peninsula have attended the launching of the P3 program. They were given orientation for their eventual accreditation.
Acuña said any underprivileged entrepreneurs who are interested to avail themselves of the P3 may visit the Negosyo Centers near them for guidance. (SunStar Philippines)