DTI releases livelihood fund for Boracay MSMEs

By Kris Crismundo

August 28, 2018, 1:34 pm

MANILA -- The Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), has released some PHP210,000 worth of loans to micro entrepreneurs on Boracay Island as of August 24.

The loans granted to small-scale businesses were under the Pondo sa Pagbabago at Pag-asenso or P3 Program of the administration, Trade Secretary Ramon Lopez reported on Tuesday.

"Helping the people of Boracay Island and local tourism during this period means ensuring their micro entrepreneurs have access to available funds to support their businesses,” he said.

The financing assistance is part of the government’s support to micro entrepreneurs affected by the six-month closure of Boracay, which took effect last April 26.

According to SB Corp., the first batch of the P3 Program beneficiaries in Boracay were granted PHP30,000 each.

President and Chief Executive Officer Ma. Luna Cacanando said the loans can be used by entrepreneurs to expand their businesses while waiting for the reopening of Boracay to tourists on October 26.

“We will assist more micro entrepreneurs on the island through the P3 program to ensure that their businesses will be quick to recover and ready once the island reopens to tourists,” said Cacanando.

Earlier, Lopez said the agency seeks to draw some PHP300 million from the government’s rehabilitation fund for Boracay to assist micro, small, and medium enterprises on the island.

Aside from the financing assistance, the DTI has provided market access for products made by Boracay entrepreneurs through the Bagong Buhay Boracay store

Since May, the DTI has been showcasing products from Boracay such as food, wearables, fashion accessories, home decor, and other souvenir item at the DTI Bureau of Domestic Trade and Promotions Showroom in Makati City. (PNA)