photo source: DTI Philippines official Facebook page
After the announcement of the Enhanced Community Quarantine (ECQ) last March 15, a whole lot of businesses in the country closed down temporarily and some, struggling to sustain their livelihood.
The coronavirus disease (COVID-19) pandemic has severely impacted the global economy, and the Philippines isn’t exempted. Due to this unfortunate event of the global pandemic, the Department of Trade and Industry (DTI) decided to offer financial loans, especially to the growing small and medium enterprises that have been affected by the quarantine.
The Secretary of DTI, Ramon Lopez, announced last April 3, 2020, that Small and Medium Enterprises can take advantage of loans up to Php 500,000 even after the ECQ.
During an interview at the ABS-CBN Channel 2, Lopez said that Micro, Small, and Medium Enterprises can avail of a loan ranging from Php 200,000 to Php 500,000 with 0.5 monthly interest.
Moreover, the Micro-enterprises with asset size of not more than Php 3 million may borrow Php 10,000 up to Php 200,000. Small enterprises with asset size of not more than Php 10 million may borrow a higher loan amount but will not exceed Php 500,000.
This loan is payable within 2 to 5 years with extra time (5 to 6 months) before paying. According to the DTI Chief, this program is the government’s way of helping business owners get back on their feet after the crisis and the blow; which were effects of the COVID-19 crisis on the economy.
The program is called “Pondo sa Pagbabago at Pag-asenso”, and those who are interested can take advantage of both financial loans and food carts as well. Applicants can avail of the loans through DTI’s Negosyo Centers after the ECQ is lifted.
For more information on the guidelines and requirements, you may reach P3 through hotline 8651-3333, email them at email@example.com, or through their official Facebook page – DTI Philippines