Skip to main content

SB Corp to introduce 10 Credit Delivery Partners for P3 program

By

The Small Business Corporation will introduce 10 Credit Delivery Partners (CDPs) from Luzon to Mindanao to deliver fast and efficiently the “Pondo sa Pagbabago at Pag-asenso” (P3) program to micro entrepreneurs.

Department of Trade and Industry (DTI) Secretary Ramon Lopez said the 10 CDPs will make the delivery of the P3 program faster to micro entrepreneurs in rural areas to help spur economic activity in the countryside and provide employment to Filipinos.

“President Rodrigo Duterte’s administration always seeks for ways to provide service and assistance to our micro entrepreneurs in the easiest and most accessible way as possible, especially to those from the countryside,” said Sec. Lopez.

SB Corp., the micro financing arm of the Department of Trade and Industry, through the P3 program has extended financing assistance to over 89,000 micro entrepreneurs as the government's flagship program that aims to topple loan sharks has widen its reach throughout the country since its inception in 2017.

As of July 23, 2019, the SB Corp has released a total of P2.9 billion worth of loans to micro entrepreneurs through its 353 credit delivery partners that has reached rural and far-flung areas in the country.

SB Corp President and CEO Ma. Luna Cacanando welcomed the inclusion of the 10 Credit Delivery Partners, which she acknowledged would help in distributing the much-needed funds by micro entrepreneurs.

The Pondo sa Pagbabago at Pag-asenso (P3) program is a P1 billion loan financing program intended to give micro enterprises better access to finance, providing them an alternative to the informal or 5-6 scheme of lending.

Among the CDPs that will be introduced are rural banks and cooperatives: FICO Bank from Cauayan City, Isabela; GM Bank of Luzon from Cabanatuan City, Isabela; The New Rural Bank of San Leonardo from San Leonardo, Nueva Ecija; Bank of Florida from San Fernando, Pampanga; St. Francis Multi-purpose Cooperative from Malolos, Bulacan; MVSM Rural Bank from Marikina City; Cebu People’s Cooperative from Cebu City; Silangan Multi-purpose Cooperative from Davao City; Cantilan Bank from Surigao del Sur; and Yakap at Halik Multi-purpose Cooperative from Quezon Province.

Secretary Lopez reiterated that with the loan program, micro enterprises may find relief from overly expensive borrowings and afford cost-efficient and affordable form of loan that will help expand their businesses.

Meanwhile, the P3 program also has reached out to Maranao entrepreneurs through the Bangon Marawi initiative and has released P7.5 million to 457 Maranao borrowers. Likewise, soldiers and policemen who were either wounded or killed in action during the Marawi siege were also provided assistance with a total of P27.71 million released to 335 soldiers and policemen, and their families.

Under the P3 Program, a micro enterprise can borrow between P5,000 up to P200,000 depending on its business need and repayment capacity with no collateral requirement.  Interest rate and service fees, all in, do not exceed 2.5% monthly.

The P3 Program serves as an alternative to the P30 billion “5-6” money lending industry that charges 20% nominal interest rate to MSMEs. (DTI)

Labels:

Comments

Post a Comment

Popular posts from this blog

Empanada festival: A celebration of good taste and good life

By
By Dominic B. dela Cruz & Leilanie G. Adriano Staff reporters BATAC CITY—If there is one thing Batac is truly proud of, it would be its famous empanada-making business that has nurtured its people over the years. Embracing a century-old culture and culinary tradition, Batac’s empanada claims to be the best and tastiest in the country with its distinctive Ilokano taste courtesy of its local ingredients: fresh grated papaya, mongo, chopped longganisa, and egg. The crispy orange wrapper and is made of rice flour that is deep-fried. The celebration of this city’s famous traditional fast food attracting locals and tourists elsewhere comes with the City Charter Day of Batac every 23 rd  of June. Every year, the City Government of Batac led by Mayor Jeffrey Jubal Nalupta commemorate the city’s charter day celebration to further promote its famous One-Town, One Product, the Batac empanada. Empanada City The Batac empanada festival has already become...
9 comments
Read more

Free dormitories eyed for Nueva Era students in LC, Batac

By
 Nueva Era mayor Aldrin Garvida By Dominic B. dela Cruz ( Staff Reporter) Nueva Era , Ilocos Norte—The municipal government here, headed by Nueva Era mayor Aldrin Garvida is planning to establish dormitories in the cities of Laoag and Batac that will exclusively cater to college students from the said cities. “Sapay la kuma ta maituloyen iti mabiit tay ar-arapaapen tayo ken iti munisipyo a maipatakderan kuma dagiti annak tayo a college students nga agbasbasa idiay siyudad iti Batac ken Laoag iti libre a dormitoryo a bukod da ngem inggana nga awan pay ket an-anusan mi paylaeng nga ibaklay kenni apo bise mayor iti pagbayad da iti kasera aggapu iti bukod mi a suweldo malaksid dagitay it-ited iti munisipyo ken iti barangay nga stipend da kada semester, ” Garvida said.    Garvida added that the proposed establishment of dormitories would be a big help to the students’ parents as this would shoulder the expenses of their children for rent and likewise they would feel...
Post a Comment
Read more

P29 per kilo rice sold to vulnerable groups in Ilocos region

By
BBM RICE. Residents buy rice for only PHP29 per kilo at the NIA compound in San Nicolas town, Ilocos Norte province on Sept. 13, 2024. The activity was under a nationwide pilot program of the government to sell quality and affordable rice initially to the vulnerable sectors. (Lei Adriano) San Nicolas , Ilocos Norte —Senior citizens, persons with disability, and solo parents availed of cheap rice sold at PHP29 per kilogram during the grand launching of the Bagong Bayaning Magsasaka (BBM) Rice held at the National Irrigation Administration compound in San Nicolas, Ilocos Norte province on Sept. 13, 2024. “ Maraming salamat Pangulong Ferdinand R. Marcos Jr. sa inyong pagmamahal sa Region 1 lalong-lalo na sa bayan namin sa San Nicolas,” said Violeta Pasion, a resident Brgy.   18 Bingao in this town. The low-priced grains were sourced from the National Irrigation Administration’s (NIA) contract farming with irrigators' association members in the province. Along with Pasion, Epi...
Post a Comment
Read more