DTI grants up to PHP 500K loans to SMEs

Department of Trade and Industry (DTI) Secretary Ramon Lopez announced yesterday that small and medium enterprises could borrow up to PHP 500,000, even after the enhanced community quarantine (ECQ), under the “Pondo sa Pagbabago at Pag-asenso” program.

According to ABS-CBN’s interview, Lopez stated that that micro, small, and medium enterprises could avail of a loan ranging from PHP 200,000 to PHP 500,000 with 0.5 monthly interest. Payable within two to five years, the said loan comes with a grace period of five to six months. Interested applicants can avail the loans through DTI’s Negosyo Centers upon the lifting of ECQ scheduled on April 12.

Apart from the financial loan, DTI also offers food carts to people who would like to generate income and start their own small business but do not have enough capital. The DTI chief also said that the implementation of the program is the government’s way to help local SMEs get back on their feet after facing economic consequences brought by the COVID-19 pandemic.

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Source: Yugatech