The city of Manila has provided close to P400,000 in additional capital assistance to 38 Manileños who have been successful in their small businesses.
“These micro and small businesses are the foundations of our nation’s economy. We at the city government are committed to assist and empower them to beat poverty,” Mayor Joseph Estrada said during the ceremonial awarding of P380,000 financial aid to 38 beneficiries as part of the Capital Assistance Program which was started in 2013.
The loans are interest-free. Each beneficiary was given P10,000 loan payable from six to 10 weeks with no interest or collateral.
Awarded were 21 beneficiaries from District I; five from District 2; four each from Districts 3 and 6; and four from Baseco. Those from districts 4 and 5 were not included because they have not fully paid their loans.
CAP is intended to support Republic Act 9178, otherwise known as the Barangay Micro Business Enterprises Act of 2002, which seeks to strengthen Barangay Micro Business Enterprises (BMBEs) and provide more jobs.
The city granted a P10,000 loan assistance to beneficiaries who settled their first loan of P5,000, Nanet Tanyag, chief of the Manila Department of Social Welfare, said.
The 38 micro-entrepreneurs are mostly engaged in eateries, barber shops, beauty parlors, sari-sari (convenience) stores, fruit and fish vending, junk shop, accessories vending, RTW buy-and- sell, ukay-ukay (second-hand clothes), peanut butter making, and processed food vending.
Last July, Estrada released P5.54 million in capital assistance to 1,109 beneficiaries, who were first-time applicants in the program.
Before granting loans, applicants undergo lectures and trainings.
CAP is also offered to street hawkers in Divisoria and public markets in Manila to help them increase their profit and improve their economic standing.
In February 2016, 2,624 Manilans applied and were able to secure loans amounting to P13.1 million. These were followed by another batch of 532 on the second semester of the year.
In February, Estrada also released P607,000 to a batch of 108 who successfully paid their loans.