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p3-loan-borrowers-veer-away-from-loan-sharks

P3 loan borrowers veer away from loan sharks

PIA - Thursday 8th March, 2018

BORONGANCITY, E. Samar, March 7 (PIA) -- Pondo sa Pagbabago at Pag-asenso (P3) loan borrowers are slowly veering away from loan sharks in Eastern Samar.

The program is in line with the President's directive to provide an affordable micro-financing program for micro small medium enterprises (MSMEs), the Department of Trade and Industry implemented the Pondo sa Pagbabago at Pag-asenso (P3).

Merly N. Nalic, Negosyo Center Business Councilor, DTI Provincial Field Office, said that the P3 is a program of the national government that provides affordable micro-financing program for MSMEs.

Nalic said that for Eastern Samar, only Taytay sa Kauswagan Incorporated (TKSI) was funded by Small Business Corporation (SBC), an attached agency of DTI that releases funds to accredited Micro Finance Institutions (MFIs).

Priority beneficiaries of P3 program are those micro-enterprises and entrepreneurs that do not have easy access or are accessing credit at very high interest rate.

These include market vendors, agri-businessmen and members of cooperatives, industry associations and cooperatives.

Josephine L. Felicen, Finance Assistant of TKSI said that in Eastern Samar there are 69 MSMEs who are beneficiaries of P3 program.

While she admits that she was expecting many borrowers with the easier terms, Felicen said she was somewhat disappointed.

But since it is only the start, maybe she said that some borrowers are still on the 'wait and see' attitude.

Presently, some 67 MSMEs availed the TKSI loans from Borongan to Guiuan town down south and Oras town up north.

The loan ranges from Php 3,000.00 up to P150, 000.00.

Borrowers need only to prepare barangay clearance and or barangay business permits.

Release of checks can be done for as fast as one day and as long as a week, the TSKI staff said.

Thelma Cepeda, 45 a fruit and vegetable market vendor at the Borongan public market said that this P3 program helped her buy volumes of farm products as her capital gets bigger.

TSKI affirmed that Thelma has a good credit standing and is a religious payer.

Elena Catalo, a Sari-Sari Store owner, said that it was difficult then to borrow from '5-6' money lending schemes but presently with the P3 where the average interest rate is only 2.5 percent, borrowing capital is easy if you are just a good payer, she said.

Now, she said, she can easily provide for her child's school allowance from her income.

The program targets to boost entrepreneurship in these areas without tapping loan sharks or those parties that lend money with extremely high interest rates.

The P3 program is the micro-financing program of the Duterte administration which aims to provide financial access to micro-entrepreneurs in the country's poorest areas. (ajc/SDC/PIA8-E.Samar)

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