PARTNERS FOR INCLUSIVE GROWTH. Department of Trade and Industry (DTI) Secretary Ramon Lopez graces the 31st anniversary of the Cooperative Development Authority (CDA) on Wednesday (March 10, 2021). Lopez said the DTI and CDA have been partners in delivering services to small-scale businesses in the grassroot level. (Screengrab from CDA Facebook page)
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said cooperatives have been a staunch partner of the agency in helping micro and small entrepreneurs grow their businesses.
At the 31st anniversary of the Cooperative Development Authority (CDA) Wednesday, Lopez said even before CDA was not yet an attached agency of DTI, it has been a partner in delivering government services to small-scale businesses, particularly in the rural areas.
He added the DTI partners with cooperatives to reach micro and small enterprises for them to avail the department’s microfinancing program and shared service facility (SSF) program.
Lopez said the DTI collaborates with cooperatives for the Pondo sa Pagbabago at Pag-asenso or the P3 Program, a microfinancing program rolled by DTI’s financing arm Small Business (SB) Corp.
This program is in line with President Rodrigo Duterte’s directive to improve access to capital so Filipinos will avoid tapping loan sharks like the ‘5-6’ lending scheme which imposes high interest rates.
Cooperatives also play a crucial role in rolling out SB Corporation’s Covid-19 Assistance to Restart Enterprises (CARES) program to help micro, small and medium enterprises (MSMEs) recover from their losses amid the pandemic, Lopez said.
“Cooperatives have been our partner to reach out to the grassroots,” the DTI chief added.
Aside from microfinancing, DTI’s SSF program was also implemented through cooperatives.
Under the SSF program, cooperatives operate the facilities given by DTI. These facilities are being shared by MSMEs who cannot afford to buy tools and equipment that will help them produce their products.
SSF program provides technology, machinery, equipment, tools, systems, skills, and knowledge under a shared system, which is best implemented by cooperatives, to enable the MSMEs to improve the quantity and quality of their products and help them become more competitive in the market. (PNA)
