By the Philippine News Agency
The Department of Trade and Industry (DTI) announced it is making available P100 million to displaced Marawi residents and military personnel who saw combat in the besieged city last year to help them start livelihood activities.
In a statement Friday, the DTI said the microloan budget for Marawi internally displaced persons (IDPs) and soldiers is part of the Pondo sa Pagbabago at Pag-asenso (P3) Program, the microfinance program of the administration. Of the allocated amount, P50 million will be allotted for Marawi IDPs and the other P50 million can be availed by qualified soldiers or their families.
As of end-May 2018, some P5.28 million has been released to 364 borrowers in Marawi. Another P11.96 million was released to 167 soldiers or their families. “President Duterte’s vision for P3 is for it to replace “5-6” as the primary source of working capital for micro entrepreneurs. To do this, we are working to rival their wide reach and accessibility,” DTI Secretary Ramon Lopez said.
According to Lopez, the P100-million allocation from P3 Program is on top of the approved P872.7-million budget for DTI under the Bangon Marawi initiative.
He added that DTI, as the head for Task Force Bangon Marawi’s sub-committee on business and livelihood, aims to help war-affected individuals and families to return to business.
“President Rodrigo RoaDuterte wants to ensure that government support continues and DTI must help revive business and livelihood in Marawi City. We will not stop until this city restores its vibrant trade and Industry,” Lopez said earlier.