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Gov’t allocates P1B for microloan program

The Duterte administration has allocated P1 billion for next year’s Pondo sa Pagbabago at Pag-asenso, or P3 microloan program for micro, small, and medium enterprises (MSMEs). 
DTI Usecnderseecretary Zenaida Maglaya yesterday said President Duterte kept his promise to provide affordable microfinancing program for small-scale businesses for them to avoid borrowing money and capital from loan sharks. 
The fund will come from the Office of the President, which will be coursed to DTI’s financing arm Small Business (SB) Corp. 
The SB Corp. partners with non-bank microfinance institutions, cooperatives and associations to serve as conduits. 
The P3 was launched January 2017 to give better financial access to MSMEs, particularly in the 30 poorest provinces in the country. 
P3 can lend out P5,000 to P100,000 for an enterprise at an interest rate not exceeding 2.5 percent per month, which is lower than the 20 percent monthly interest rate in “5-6” lending schemes. 
DTI’s microfinancing program also requires no collateral, with minimal documentation requirement and one-day processing application. Borrowers can opt to pay on a daily or weekly basis.  

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