DTI Exec Highlights Access to Finance Accomplishments Under Duterte Administration

CLARK FREEPORT ZONE, Pampanga, July 12 (PIA) — Trade and Industry Secretary Ramon Lopez highlighted Tuesday the significant developments and accomplishments of the agency in terms of access to finance under the Duterte administration.

Specifically, Lopez cited the Pondo para sa Pagbabago at Pag-asenso program which is now accessible to 38,000 borrowers and micro enterprises in 76 provinces nationwide, with total loans of PhP1 billion.

He added that with another billion this year, DTI hopes to reach out to 40,000 more micro-entrepreneurs, because they believe this is one way to lower market prices.

“If vendors would have access to cheaper capital, they would not have to increase prices of their products. It would also be easy to pay their debt because of very little interest. This way, they can expand their businesses since they will be selling more goods, and they will not be interested anymore in the 5-6 money lending scheme,” Lopez said.

In terms of interest-free loans, DTI has extended aid to more than 522 Maranao entrepreneurs amounting to PhP5.28 million.

“Most of our beneficiaries here are displaced public market vendors and some startups. We have allocated a total of PhP50 million for lending to Marawi small businesses, and interest rates will be gradually implemented in the coming years once Marawi has been rehabilitated,” the secretary said.

DTI has also allocated another PhP50 million investment financing fund for the families of soldiers who are wounded or killed in action.

“To date, we have lent out PhP12 million of the total budget allocated. Interest rate for the first two years is free. For the third year onward, a minimal interest rate of two percent shall apply,” he said. (CLJD/MJLS-PIA 3)