Pasay city: Growth of the Philippines' tourism sector received a significant boost from the Turismo Asenso Loan Program, which is aimed at enhancing the capacities of stakeholders to better serve travelers and showcase various offerings nationwide.
According to Philippines News Agency, the program allows borrowers to access loans ranging from PHP10,000 to PHP10 million through the Small Business Corporation (SBCorp), the Department of Trade and Industry's (DTI) lending arm. Borrowers will enjoy a grace period during which they are not required to pay the principal amount and interest within the first year after loan disbursement, and no collateral is necessary. This was announced by Trade and Industry Secretary Cristina Roque during the ceremonial awarding of loans to the initial nine beneficiaries at the Marriott Hotel in Pasay City.
Roque highlighted the collaboration with the Department of Tourism (DOT), emphasizing the focus on micro, small, and medium enterprises (MSMEs). She noted that when the DOT and DTI signed their memorandum of agreement last April, financing for tourism was identified as an urgent priority. The goal is to expand tourism as a driver of trade by providing accessible and affordable loan packages for micro-enterprises and first-time borrowers.
Tourism Secretary Christina Frasco, also present at the event, stated that ensuring finance access for MSMEs in the tourism sector is crucial for sustaining the industry and boosting the economy. She stressed that supporting MSMEs is vital for the nation's inclusive growth, ensuring that the benefits of tourism extend to every Filipino family.
President Ferdinand R. Marcos Jr., who led the ceremonial check distribution to beneficiaries from the National Capital Region and Calabarzon, reiterated the importance of tourism as a pillar of the domestic economy. He highlighted the concept of experiential tourism, emphasizing that tourists seek not only to visit places but also to experience local culture and Filipino hospitality, which is a source of national pride.
