Since the declaration of the Enhanced Community Quarantine (ECQ) last March 15, the majority of the businesses in the country have been immobilized and some, grappling to keep themselves afloat.
The coronavirus disease (COVID-19) pandemic has gravely affected the global economy, and the Philippines wasn’t an exemption for it.
With this, the Department of Trade and Industry (DTI) offered financial loans, especially to the thriving small and medium enterprises that have been affected by the ECQ.
DTI Secretary Ramon Lopez said Friday that small and medium enterprises can now avail loans up to Php 500,000.00 even after the ECQ will be lifted.
In an interview via ABS-CBN, Lopez noted that micro, small, and medium enterprises can avail between Php 200,000 to Php 500,000 loan with 0.5 monthly interest.
Dubbed as “Pondo sa Pagbabago at Pag-asenso” or P3, the loan will be payable within 2 to 5 years with a grace period of 5-6 months. Through this, it allows affected businessmen to get back on their feet.
Accordingly, the “micro-enterprises with asset size of not more than Php 3 million may borrow P10,000 up to P200,000. Small enterprises with asset size of not more than P10 million may borrow a higher loan amount but will not exceed P500,000.”
Moreover, under the said program, businessmen who will avail the program will also receive food carts aside from the financial assistance.
Interested businessmen may apply via DTI’s Negosyo Centers “if and when the ECQ is lifted on April 12.”
For more information on the guidelines and requirements, you may reach P3 through hotline 8651-3333, email: email@example.com, or through their official Facebook page.