Cash loans for the first batch of TAPAT (Tulong At Pampuhunang Ayuda para sa Taga-pasig) beneficiaries will be released on Friday, September 4, Pasig City Mayor Vico Sotto said Monday.
In his official Facebook page, Sotto announced that around 2,000 applicants have been approved to avail of the local loan assistance of the city government.
Sotto told Manila Bulletin that the cash loans will be released through electronic money transfer service PayMaya “so that it will be contactless.”
Pasig City has allotted P200 million for the loan program which will cover around 20,000 up to 40,000 TAPAT beneficiaries.
On July 10, Pasig City officially launched the TAPAT program to help residents and local business recover from the ill-effects of the coronavirus pandemic.
“The Pasig TAPAT program is our city's coordinated effort to address the current status of the Pasig local economy hit by the COVID-19 pandemic,” the local government said in its website.
Under the program, the city government provides three types of loans to help unemployed residents and business owners in the city with their financial needs amidst the health crisis.
Balik Negosyo lends up to P10,000 to business owners who need to adjust their operations to the “new normal” of conducting business transactions.
Bagong Negosyo offers up to P10,000 to unemployed residents who want to start a small business.
Balik Trabaho provides job seekers a loan of up to P5,000 to help them complete their requirements and transportation expenses.