Covid-hit MSMEs get DTI support
BAGUIO CITY: Micro, small and medium enterprises (MSMEs), whose businesses are affected by the coronavirus disease 2019 (Covid-19) pandemic recently got a boost from the government through the Pondo Sa Pagbabago at Pag-asenso, Covid-19 Assistance to Restart Enterprises (P3 Cares) program being spearheaded by the Department of Trade and Industry (DTI) through the Small Business Corporation (SBC).
DTI- Cordillera Regional Director Myrna Pablo announced this during the PIA regular weekly forum that for the Cordillera, 109 MSMEs are the initially approved beneficiaries of the P3 Cares, with total loan amount of P3, 947,000 that the enterprises can use to restart or reestablish their business undertakings.
Six are from Abra, 15 from Apayao, 33 from Benguet, 12 from Ifugao, 20 from Kalinga and 23 from Mountain Province.
Also, a ceremonial signing of loan release was held over the weekend where beneficiaries from the different provinces of Cordillera along with those in the National Capital Region had a simultaneous signing activity done via video teleconferencing and witnessed by DTI Secretary Ramon Lopez, SBC President and Chief Executive Officer Ma. Luna Cacanando and SBC Acting
Chairman and DTI Underscretary Blesila Lantayona.
SBC North Luzon Group Head Arell Banez outlined that the P3 Cares is part of the social amelioration program of the government, which financial assistance for MSMEs are in a form of a loan ranging from P10,000 to P500, 000 depending on the size of the MSMEs business with zero interest and six- month moratorium or payment starts on the seventh month after the release date.
For Northern Luzon, the SBC already received around 5,000 applications.
For the Cordillera Administrative Region, a total loan of P2, 837,000 for 37 beneficiaries was already approved and released.
Banez said they hope to release a total loan amount of P3, 947,000 to 72 beneficiaries within this month.
Pablo thanked DTI Secretary Ramon Lopez for enrolling P1B P3 emergency financing fund to the Bayanihan to Heal As One Act.
She said of the around 25,000 MSMEs in the region that they were monitoring, 90 percent either closed down or downscaled their operation as a result of the Covid-19 pandemic.
So far 1,105 MSMEs in the region already submitted their applications to the program.