Bill on P3 filed in Senate

Senator Aquilino “Koko” Pimentel III filed on September 19, 2018 a Senate Bill that will institutionalize the Pondo sa Pagbabago at Pag-asenso (P3) Program to further strengthen the landmark micro loan program of President Rodrigo Duterte that will provide relief to micro enterprises through alternative source of financing.

The Senate Bill No. 2017 or “An Act Providing a Socialized Microfinancing Program for Micro Enterprises Thereby Promoting Entrepreneurship” aims to address financing concerns of micro enterprises throughout the country and help them sustain their businesses.

Trade Secretary Ramon M. Lopez said this will further ensure funds are made available for micro enterprises to veer them away from onerous loans, particularly the “5-6” money-lending system.

“This is another milestone as we continue our drive to empower our MSMEs and alleviate poverty. Through this bill, we will be able to assist more entrepreneurs to have easy access to P3 loans that come in one-form, one-day processing, and don’t require any collateral, especially those in the countryside,” said Lopez.

On the other hand, Small Business Corporation (SB Corp) President and CEO Ma. Luna E. Cacanando said the filing of the Senate Bill will strengthen the Corporation’s mandate and will greatly contribute to the development of micro enterprises, which comprises the bulk of the micro, small and medium enterprise (MSME) sector.