By Bernie Cahiles-Magkilat
The government has released ₱5.1 billion in loans to more than 110,000 beneficiaries of the Pondo sa Pagbabago at Pag-asenso (P3) Program, a micro financing program that provides easy loan access to micro entrepreneurs in the countryside.
As of December 23, 2019, the Small Business Corporation (SB Corp.), the micro financing arm of the Department of Trade and Industry (DTI), has released a total of ₱5.15 billion worth of loans through partner micro finance institutes (MFIs) to 110,006 micro entrepreneurs.
The P3 Program also now has 412 micro financing institute (MFI) partners to reach rural and far-flung areas in the provinces. SB Corporation has also introduced 10 Credit Delivery Partners (CDPs) from Luzon to Mindanao to deliver fast and efficiently P3 loans.
P3 was established in 2016 as the government’s flagship program with the aim to address loan sharks and their onerous “5-6” lending schemes. It has been widened to reach Filipinos throughout the countryside since its inception in 2017 to give them better access to financing.
DTI Secretary Ramon Lopez said the P3 Program will continue without let up to achieve the Trabaho, Negosyo at Kabuhayan Agenda of the Duterte Administration.
“The P3 program was created so that even the smallest of entrepreneurs, like the sari-sari stores owners and market vendors, will have an opportunity to grow their business without the usurious 5-6 loans. I encourage all entrepreneurs in need of capital to avail of the P3 program through the DTI Negosyo Centers and accredited credit delivery partners,” said Lopez.
Meanwhile, the P3 program has reached out to Maranao entrepreneurs through the Bangon Marawi initiative and has released ₱7.5 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.