MANILA-- The Department of Trade and Industry (DTI) will be in full swing in rolling out the the micro funding program of the Duterte administration, dubbed as "Pondo para sa Pagbabago at Pag-asenso (P3)."
In a briefing Thursday, DTI Undersecretary Zenaida Maglaya said the government hoped to introduce the P3 in 30 depressed provinces in the country.
Three of these provinces - Leyte, Sarangani, and Mindoro Occidental -- were chosen to pilot test the program.
About 331 clients in the three provinces have benefited from the program.
The DTI will launch the P3 next in 27 other poor provinces.
The department aims to have P3 programs in 81 provinces nationwide during the current administration.
Maglaya noted that DTI will also prioritize those areas which borrow heavily on loan shark, particularly '5-6' money lending scheme that has interest rate of 20 percent per day or per month.
Unlike the loan shark, the government's micro funding program has a monthly interest rate of 2.5 percent.
According to DTI Secretary Ramon Lopez, some Php 745 million credit line is now available in Small Business (SB) Corp. for the P3 Program, as the department awaits the release of Php 1-billion fund approved by President Rodrigo Duterte for the micro funding program.
SB Corp., the financing arm of DTI, will be rolling out the fund to seven MFIs and cooperatives with nationwide presence. These MFIs and cooperatives will be the conduits of the P3 fund to micro borrowers.
Source: Philippines News Agency