SB Corp boosts P3 loans for Marawi

Published October 21, 2019, 12:00 AM

by manilabulletin_admin

By Bernie Cahiles-Magkilat

To sustain rebuilding of businesses in Mindanao, the Small Business Corporation (SB Corp) continues to provide micro financing under the government’s Pondo sa Pagbabago at Pagasenso (P3) to Marawi City’s internally displaced persons (IDPs) and uniformed personnel who were either killed or wounded during the 2017’s five-month siege.

 Trade and Industry Secretary Ramon M. Lopez (Bloomberg)
Trade and Industry Secretary Ramon M. Lopez (Bloomberg)

SB Corp Chairman and Trade Secretary Ramon Lopez said extending loan assistance to IDPs is one key component in helping Marawi’s entrepreneurs regain their business acumen and recuperate from their loss.

“To continue the programs of helping our kababayan in Marawi, especially those who have been affected by the siege, DTI will ensure that entrepreneurs will be back on their feet. Our goal is to bring back the vibrant business of the city, as well as provide jobs and livelihood to Maranaos,” said Lopez.

SB Corp., the financing arm of the DTI, has provided livelihood assistance to at least 457 Marawi entrepreneurs with loan total amounting to ₱7,595,000 under the administration’s landmark program Pondo sa Pagbabago at Pagasenso (P3) Program.

Loan beneficiaries has availed loan amounts ranging from ₱10,000 to ₱20,000. The loan assistance follows Administrative Order No. 03 of President Duterte. DAO 03 created an inter-agency task force that implements the recovery, reconstruction, and rehabilitation of Marawi City and provides livelihood to IDPs in Marawi City and other affected localities.

Similarly, the SB Corp also extended assistance to wounded and deceased government uniformed personnel under its special program for the Wounded-and-Killed in Action (WIA-KIA), an offshoot program to help soldiers and policemen who were either killed or wounded during the Marawi conflict, also from the P3 program.

As of October 18, 2019, a total of ₱30,921,500. 402 has been released to uniformed personnel with loan ranging from ₱40,000 to ₱100,000. The agency has earmarked ₱50 million for lending under P3-Marawi and KIA-WIA Financing Programs. The DTI leads the Task Force Bangon Marawi (TFBM) subcommittee on business and livelihood (SC-BL) and tasked with fast-tracking the recovery and rehabilitation of business in Marawi City.