Marawi entrepreneurs get financing help

• Source: https://business.inquirer.net/259878/marawi-entrepreneurs-get-financing-help
• Friday, November 2, 2018 5:22 am

By Roy Stephen C. Canivel (Philippine Daily Inquirer)

Small Business Corp., the microfinancing entity of the Department of Trade and Industry (DTI), has given P6.17 million worth of loans to hundreds of entrepreneurs from the war-torn city of Marawi.

In a statement, DTI said that SB Corp. continued to assist internally displaced persons (IDPs) and uniformed personnel— including their families—who were either killed or wounded during the five-month Marawi conflict last year.

“We are giving our commitment to the IDPs that the administration of President Duterte will continue to seek ways in providing business and livelihood opportunities to help them and Marawi recover,” said Trade Secretary Ramon Lopez.

As of Oct. 21, SB Corp. has provided livelihood assistance to 422 Maranao entrepreneurs with total loans amounting to P6.16 million through the Pondo sa Pagbabago at Pag-asenso (P3) program.

P3, a financing program expected to put loan sharks out of business, gives MSMEs access to more affordable credit.

Beneficiaries have availed themselves of loans ranging from P10,000 to P20,000. SB Corp. has earmarked P50 million in loans for Marawi.

The financial assistance to Marawi entrepreneurs followed Administrative Order No. 03, which created an inter-agency task force for the recovery, reconstruction, and rehabilitation of Marawi City and other affected localities.