Pasay city: President Ferdinand R. Marcos Jr. introduced a new loan initiative on Monday designed to boost tourism enterprises, which is anticipated to create jobs and enhance opportunities for small businesses throughout the Philippines. This initiative reaffirms the critical role of the tourism sector as a fundamental component of the nation's economy.

According to Philippines News Agency, the Turismo Asenso Loan Program was launched in Pasay City, symbolizing a collaborative effort by the Department of Tourism (DOT) and the Department of Trade and Industry (DTI) through the Small Business Corporation (SBCorp). The program offers low-interest loans to eligible micro, small, and medium enterprises (MSMEs) in the tourism sector, with repayment terms spanning three to five years and a fixed monthly interest rate of one percent.

During the event, nine businesses from Metro Manila and Calabarzon received loans of up to PHP1 million. These businesses span various sectors, including accommodations, food services, transport, and tour operations. President Marcos emphasized that supporting MSMEs is crucial for maintaining growth within the tourism sector and ensuring that local communities benefit from the increasing number of visitors.

Marcos highlighted the program's objective, stating, "The goal of this program is to make capital more accessible for MSMEs in tourism." He also acknowledged the global trend towards experiential tourism, noting that Filipino hospitality serves as the country's advantage in attracting tourists.