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Manila Bulletin devider Business devider DTI allocates over P200 M for MSMEs in typhoon-hit areas

DTI allocates over P200 M for MSMEs in typhoon-hit areas

Published Dec 23, 2021 03:45 pm

The Department of Trade and Industry (DTI), is allocating P200 million initially for livelihood assistance to micro enterprises affected by Typhoon Odette.

DTI Secretary Ramon M. Lopez announced the assistance program under the Livelihood Seeding Program (LSP) Negosyo sa Barangay and the CARES Program of SB Corp., the micro lending of the government under the DTI, as he started assessing the impact of the super typhoon in some provinces in Visayas and Mindanao.

Trade and Industry Secretary Ramon M. Lopez

“DTI will provide the needed livelihood support, as well as the microlending program of the SB Corp where we would initially allocate P200 million, plus the available funds for tourism projects under CARES will be made available,” said Lopez in a text message to reporters covering the DTI beat.

So far, the DTI has already offered assistance to around 2,000 affected MSMEs in Siargao. Lopez said they have allocated P20 million under the LSP Negosyo sa Barangay.

Lopez said the LSP is a grant in kind, not loan, to affected micro enterprises to jumpstart their livelihood. Beneficiaries will be given P8,000 to P10,000 worth of products or equipment used in their livelihood. The package includes merchandize that they sell, facilities, utensils, and tools of trade.

On Thursday, Dec. 23, Lopez visited Palawan. Previously, he visited Siargao, and Kabankalan together with President Duterte.

For tourism owners and operators whose facilities have been affected by the strong typhoon, Lopez said they can avail of the Bayanihan CARES Program of SB Corp, which is chaired by Lopez.

Bayanihan CARES is an interest-free and collateral-free financing program that aims to assist MSMEs recover from the adverse effects of the pandemic. The borrower MSMEs will only need to pay a one-time service fee, which is set at a maximum of eight percent for a 4-year loan term.

The fund, P8.08 billion, was provided for under the Bayanihan to Recover as One Act or Bayanihan 2, which directed SB Corporation to expand its existing loan programs for MSMEs, cooperatives, hospitals, tourism, and OFWs affected by the COVID-19 pandemic and by other socio-economic reversals.

The Bayanihan CARES was launched in October 2020.

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