DTI seeks P300-M to help Boracay businesses affected by closure

By Kris Crismundo

April 23, 2018, 7:16 pm

MANILA -- Trade and Industry Secretary Ramon Lopez said Monday that the agency will be seeking PHP300 million from government’s Boracay rehabilitation fund to assist small-scale enterprises that will be affected by the tourist trap's planned 6-month closure.

He added that Department of Trade and Industry's (DTI) initiatives for stakeholders in Boracay include assisting them to locate their businesses into other areas. He said the DTI is also looking into partnering with mall operators to host products from Boracay like souvenirs.

The DTI chief said the PHP300-million allocation will come from the PHP2-billion calamity fund that will be diverted for Boracay rehabilitation.

Moreover, Lopez said that apart from the PHP300 million from the Boracay rehabilitation fund, DTI will also offer its microfinance program Pondo para sa Pagbabago at Pag-asenso (P3) to businesses in the island.

Lopez added the agency can offer zero-interest rate loan under the P3 Program. (PNA)