Over 219,000 underprivileged microentrepreneurs have benefitted from the government’s lending program Pondo sa Pagbabago at Pag-Asenso (P3) program of the Department of Trade and Industry (DTI).
The present administration has provided an alternative lending program for small-scale businesses for them to avoid borrowing money and capital from loan sharks like the ‘5-6’ lending scheme, President Duterte said.
He said micro, small and medium enterprises (MSMEs) comprised 99.6 percent of business establishments in the country and are “vital to the economic activity, job creation, and poverty reduction”.
The DTI launched the P3 program in January 2017 as Duterte ordered the government to provide an affordable microfinancing program for MSMEs.
Data from DTI showed that since 2017, a total of P8.65 billion worth of loans were released to 219,568 borrowers.
The DTI has also partnered with some 443 conduits to roll out the program nationwide. P3’s initial fund came from the Office of the President, and was coursed through DTI’s financing arm Small Business (SB) Corp.