June 24, 2024

Over 110,000 micro entrepreneurs have been assisted even as P5.1 billion has been released through the Pondo sa Pagbabago at Pag-asenso (P3) Program, which is being rolled out to the countryside to provide affordable and easy access loans to micro entrepreneurs.

Department of Trade and Industry Sec. Ramon Lopez said the P3 Program will continue without let up to achieve the Trabaho, Negosyo, at Kabuhayan Agenda of the Duterte Administration.

“The P3 program was created so that even the smallest of entrepreneurs, like the sari-sari stores owners and market vendors, will have an opportunity to grow their business without the usurious 5-6 loans. I encourage all entrepreneurs in need of capital to avail of the P3 program through the DTI Negosyo Centers and accredited credit delivery partners,” said Lopez.

As of Dec. 23, the Small Business Corporation (SB Corp.), the micro financing arm of the DTI, has extended financing assistance through the P3 program to 110,006 micro entrepreneurs.

Established as the government’s flagship program with the aim to address loan sharks and their onerous loans, P3 has been widened to reach Filipinos throughout the countryside since its inception in 2017 to give them better access to financing.

The SB Corporation has also released a total of P5.15 B worth of loans through partner micro finance institutes (MFIs).

In July, the SB Corporation also introduced 10 Credit Delivery Partners (CDPs) from Luzon to Mindanao to deliver fast and efficiently P3 loans.

The P3 Program also now has 412 micro financing institute (MFI) partners to reach rural and far-flung areas in the provinces.

The P3 program is a P1 B loan financing program intended to give micro enterprises better access to finance, while providing them an alternative to the informal or 5-6 scheme of lending. – DTI release