MSME ASSISTANCE. Applicants queue to submit their forms for the Pondo sa Pagbabago at Pag-asenso (P3) of the government. As of July 13, 2020, the applications of 21 MSMEs have been approved. (PNA file photo)
SAN JOSE DE BUENAVISTA, Antique – The applications of 21 micro, small and medium enterprises (MSMEs) under the Pondo sa Pagbabago at Pag-asenso (P3) program of the Department of Trade and Industry (DTI)-Antique have been approved as of July 13.
Gabriel C. Ebanen, P3 coordinator for Antique province, said in an interview Monday that out of the 738 applications that they received from May 5 to date, 21 were approved by the Small Business Corporation (SBC), the financing arm of the DTI.
“This coming July 19, one loan application in the amount of PHP300,000 will already be released,” he said.
Ebanen said most of the loan applications are for sari-sari and hardware stores.
“Many of these loan proceeds will be used as capital by those sari-sari store owners who had been affected by the Covid-19,” he said.
The P3 program was introduced under the administration of President Rodrigo Roa Duterte to help the micro entrepreneurs access loan for their business capitalization with only a minimal interest of 0.5 percent per month.
However, in response to the coronavirus disease 2019 (Covid-19) health crisis, the coverage of the program offered zero interest loan with a grace period of six months.
“The P3 is zero interest but with only 8 percent service charge,” Ebanen said.
He said the amount could be paid up within a year or depending on the term applied for by the micro-entrepreneur.
The loans are being released by the SBC through a bank or through Cebuana Lhuillier money transmittal.
“Loanable amount could range from PHP10,000 to PHP500,000,” Ebanen said.
He said that as coordinator, however, he will be monitoring the implementation of the program in the province.
He added that three additional loan assistance will be released after July 19, although he is still waiting for the exact details.
The applications are being validated by the SBC, which is based in Cebu City.
“The release is quite slow because of the enhanced community quarantine (ECQ) being implemented in Cebu City,” Ebanen said. (PNA)
