DTI-8 Urges The Use of ‘Interest-Free Loans’

With the Philippines’s tourism still on the brink of recovery from the COVID-19 pandemic, the Department of Trade and Industry Easter Visayas (DTI)-8 urged businesses in the tourism sector to invest and avail of the government’s “interest-free loan.”

“We encourage our tourism businesses to take advantage of this loan since it is with zero interest,” said DTI-8 regional director Celerina Bato.

The said loan is under the CARES for Tourism Rehabilitation and Vitalization of Enterprises and Livelihood (CARES for TRAVEL).

To expand the 3-CARES (COVID-19 Assistance to Restart Enterprises) program, a P10 billion budget has now been approved and allotted to the government-owned Small Business (SB) Corp.

To date, DTI-8 has released P3 million to more than 50 approved borrowers and partners in the tourism industry.

Bato pointed out the CARES for TRAVEL program primarily seeks to assist tourism micro, small and medium enterprises (MSMEs), and help them sustain their businesses and keep their workers amid the ongoing pandemic. (MLC)