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Manila Bulletin

Philippines

Iloilo's pandemic-affected micro-entrepreneurs, OFWs avail of soft loans

Philippines

Iloilo's pandemic-affected micro-entrepreneurs, OFWs avail of soft loans

By Tara Yap

ILOILO CITY — Micro-entrepreneurs and displaced Overseas Filipino Workers (OFWs) in Iloilo province are now able to avail of soft loans to jumpstart their livelihoods that have been adversely affected by the COVID-19 pandemic.

Led by Governor Arthur Defensor Jr., the Iloilo Provincial Trade, Investment and Cooperative Development Office (Iloilo PTICDO) released a check of more than P1 million to 10 micro-entrepreneurs and two displaced OFWs onThursday, Feb. 17.

The aid is under the Expanded Micro Business Recovery Assistance during Crisis and Emergency (EMBRACE) Program.

“This will pump our affected businesses,” said Defensor.

Iloilo 4th District Provincial Board Member Rolando Distura, who authored the provincial ordinance, explained that the EMBRACE Program can help the two affected sectors in any of the 42 towns or component city of Passi.

Any OFW or micro-entrepreneur can avail of a loan from P20,000 to P100,000.

While there is a three-percent processing fee, Distura said there is no interest rate. The debtors can pay within two years with a six-month grace period.

The Iloilo provincial government has allocated P15 million for a three-year period with each of the five congressional districts getting P3 million.

The Local Economic Development Investment Promotion (LEDIP) Center is in charge of processing the loans.

Related Tags

iloilo OFWs micro entrepreneurs

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