• DTI-SBC approves Php104- M soft loan for businesses in Yolanda-hit areas

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    TACLOBAN CITY: The Small Business Corporation (SBC), the lending arm of the Department of Trade and Industry (DTI) has approved Php104 million in soft loans to 68 borrowers from Yolanda-hit areas as of end of last month.

    Regional director Cynthia Nierras disclosed that to date, more than one half or around Php 59 million has been released.

    The provision of soft loan was in response to the capital need of trading centers for them to be able to rehabilitate their businesses that were affected by the typhoon, she said.

    The program started as early as February and four months thereafter, they were able to serve entrepreneurs from Tacloban City, Guian, Eastern Samar; Marabut, Samar and Leyte province.

    She explained that the loans were not released in full but depending on their usage.

    Nierras also assured that they are ready to implement programs under the livelihood cluster of the Office of the Presidential Assistant for Rehabilitation and Recovery (OPARR) that is expected to go full swing once President Benigno S. Aquino approves the rehabilitation plans of Leyte and Tacloban City. PNA

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    1 Comment

    1. victor m. hernandez on

      The lending sector, in Eastern Visayas, inclusive of Eastern Samar and Leyte, need to lend about PhP 14.0 Billion to micro, small, and medium enterprises (MSMEs) to have significant impact in the rehabilitation and recovery of these businesses that will generate jobs and income to the people in these areas. Most of these loans should be given by the private sector lenders, formal and informal. These lenders should lessen their risk in lending by requiring loan guarantee from financial service institutions, private and public. It will also help if new loans, particularly those that will finance equipment and machinery, are covered by property insurance that includes risk against floods, and other acts of nature or acts of God, provision. Although these will add to the cost of lending or borrowing, it is a necessary cost that will ensure that unforeseen events from acts of nature or God are covered. Longer term of payments and lower interest rate, or what is considered features of soft loans will be given to MSMEs in Eastern Visayas.