THE government is in talks with the Chamber of Pawn Brokers of the Philippines (CPPI) for possible avenues to facilitate the distribution of President Rodrigo Duterte’s P1-billion Pondo para sa Pagbabago at Pag-asenso (P3) Program.
Department of Trade and Industry (DTI) Secretary Ramon Lopez on May 9 discussed with the CPPI a possible partnership to make the government’s loan program for entrepreneurs more accessible to the sector.
“The Chamber is interested in supporting the P3 program by partnering as conduits,” CPPI president Jean Henri Lhuillier said.
On the other hand, Lopez, expressed optimism about the partnership, which he said can further expand the program’s network through pawnshops across the country.
Small Business Corp. (SBCorp) President Brillo Reynes said that the P3 program is on-track, distributing P60 million funds in Mindoro alone.
P3 is a micro-financing program that aims to end the usurious “5-6” scheme and help the micro, small and medium enterprises get easier access to financing services, providing non-collateral loans with interest rate of 2.5 percent per month.
Payments are also made flexible as individuals can pay either on a weekly or monthly basis.
Earlier, the DTI and its micro-financing arm SBCorp ironed out the guidelines for the program’s implementation.
DTI–Regional Operations Group Supervising Undersecretary Zenaida Maglaya said that “We’re very excited because this is our vision in the agency—to help the underprivileged by giving better chances to extricate them from poverty. Through this micro-financing program, those from the bottom of the pyramid will get to climb the ladder by expanding their businesses.”