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For the next 5 years, the government has allocated P19 billion worth of fund for a program which aimed to finance micro, small and medium businesses.
“The P3 is designed to bring down the interest rate at which micro-finance is made available to micro enterprises,” said Trade Secretary Ramon Lopez.
For 2017, the allocated budget for the program is P1 billion.
Initially, the program will be launched in the provinces of Mindoro and Leyte islands and Sarangani, which are among the top 30 poorest provinces. Eventually, we hope that this will be implemented all through out the country.
SOME 20 POOR PROVINCES IN THE PHILIPPINES
1. Lanao del Sur (ARMM)
2. Sulu (ARMM)
3. Sarangani (Region 12)
4. Northern Samar (Region 8)
5. Maguindanao (ARMM)
6. Bukidnon (Region 10)
7. Sultan Kudarat (Region 12)
8. Zamboanga del Norte (Region 9)
9. Siquijor (Region 7)
10. Agusan del Sur (Caraga)
11/12. Lanao del Norte (Region 10)
11/12. Eastern Samar (Region 8)
13. Mt. Province (CAR)
14. Western Samar (Region 8)
15. North Cotabato (Region 12)
16. Catanduanes (Region 5)
17. Leyte (Region 8)
18. Negros Oriental (Region 7)
19. Zamboanga Sibugay (Region 9)
20. Sorsogon (Region 5)
"Fund delivery to micro-enterprises shall be carried out in either by wholesale lending to non-bank financial institutions like MFI-NGOs, and cooperatives which shall on-lend the fund to beneficiaries or by direct lending by SB Corp, ” Lopez said.
The program will prioritize the entrepreneurs who doesn't have easy access to credit. Examples are agri-businessmen or farmers, vendors, and micro entrepreneurs like sari-sari store owners, and many more.
"This alternative funding dedicated for micro and small enterprises is meant to discourage the 5-6 money lending system in our country,” said Lopez