AT least 24 entrepreneurs in Marawi City received Pondo sa Pagbabago at Pag-asenso (P3) loans from the Small Business (SB) Corp. to help them rebuild not only their businesses, but also revive the war-scarred city’s business environment, the Department of Trade and Industry (DTI) said on Friday.
The department’s microfinancing arm released P245,000 to the entrepreneurs, who also received business starter kits. This came after 13 micro enterprises received a P10,000 loan package last week.
“DTI is bringing the government’s P3 microfinancing program closer to the entrepreneurs of Marawi by helping them start and rebuild their businesses,” Trade Secretary Ramon Lopez said.
“We are committed in reviving the vibrant business environment in the city, especially for the Maranaos, who are well-known as traders,” he added.
Zenaida Maglaya, Trade undersecretary for the Regional Operations Group, said the government will continue to assist people displaced by last year’s Marawi siege to hasten the city’s recovery.
“Together with member-agencies of the Task Force Bangon Marawi Subcommittee on Business and Livelihood, we would make sure that Marawi City will quickly return to normalcy upon the orders of the President. We’re bringing back business for our brothers and sisters who were greatly affected by the war,” she said.
At least 1,000 Marawi entrepreneur-beneficiaries will receive loan packages in the first quarter of 2018, SB Corp. said.
Succeeding loans will be given in cooperation with the local government and the administrator of the Marawi public market, who shall identify qualified market stall owners as perspective borrowers.
Other micro enterprises may apply for P3 loans from SB Corp.-accredited firms, such as Radiowealth Finance Co. Inc. (RFC) and CARD Inc.
The P3 program for Marawi will also provide credit-risk support to microfinancing institutions, including rural banks that want to start lending in the area in exchange for their timely and quick response.