Mayor Joseph Estrada will be providing capital to small entrepreneurs in Manila this year under the city government’s Capital Assistance Program (CAP).
Estrada said he wants to help microbusinesses and small enterprises in the city grow, pointing out that micro, small and medium enterprises or MSMEs are the backbone of the city government’s rapid progress.
“We will give these small entrepreneurs a chance para palakihin ang kanilang negosyo (to make their business grow), after all, they complement Manila’s economic growth,” he said.
Since 2013 when Estrada put up CAP, thousands of Manileños who wanted to have their own businesses have been provided with a start-up capital of P5,000 to P10,000.
The program has produced standalone stores, food kiosks, and other backyard businesses which provided extra income to the beneficiaries and helped with their day-to-day expenses.
But by the start of 2017, Estrada said he will restructure CAP to include MSMEs that have no sufficient capital for continued operation or expand their businesses.
This will give the local MSME industry an opportunity for more growth and financial stability.
“To avail of the capital assistance, would-be beneficiaries should have existing business ventures, regardless of how small it is, and we will help them expand their business operations,” the mayor explained.
According to Manila Social Welfare and Development (MSWD) Chief Nanette Tanyag, this year’s CAP will be refocused on “enterprise development.”
Indigent beneficiaries of the current CAP will be shifted to the Modified Conditional Cash Transfer (MCCT) program.
In February last year, 2,624 poor residents were provided with CAP assistance amounting to P13.12 million.