Mon, 06 Jul 2020

MSMEs get support from 'Balik Probinsya Program'

Philippine Information Agency
01 Jun 2020, 18:38 GMT+10

CAGAYAN DE ORO CITY, June 1 (PIA) - Micro Small and Medium Enterprises (MSMEs) will be provided with support as they return to their provinces through President Rodrigo Duterte's "Balik Probinsya Program."

In an interview during the Network Briefing hosted by Presidential Communications Operations Office (PCOO) Secretary Martin Andanar, Undersecretary Abdulgani Macatoman of the Department of Trade and Industry said "We need to empower our local industry; we need to help them."

Macatoman explained that the government is creating livelihood programs for the micro and small enterprises because they are important in our growing economy, adding "we are coming up with livelihood in the provinces to entice Filipinos to go home in the countryside."

He also disclosed that the DTI is also providing financial assistance through its Ang Pondo sa Pagbabago at Pag-asenso or P3 program especially those who will put up their business with minimal interest and no collateral.

Based on the program, a microenterprise borrower may avail of P5 thousand up to P200 thousand depending on the size of the business and the enterprise's ability to pay. For enterprises with at least one employee, beneficiary can borrow up to P200 thousand. The fund should be used for the enterprise's expansion and/or additional supplies of the business.

Further, the P3 fund is designed to be lent out to micro enterprises with asset size not exceeding P3 million at not more than 1.5% per month nominal interest rate and no service charges.

The DTI also has One Stop Shop assistance through its Negosyo Centers. According to Macatoman, the negosyo centers have business concilors who can assist and evaluate what the MSMEs need whether employment, training or financial.

Meanwhile, Secretary Andanar reminded the public that today, June 1, is the start of easing the quarantine protocols in Metro Manila and other parts of the country. He emphasized the need to be very cautious and still careful amid the pandemic.

He reiterated the message of President Rodrigo Duterte, which said: "Nandito pa ang virus so it is not the time to put our guards down (the virus is still here so this is not the time to put our guards down.)" (JMORucat/PIA10)

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