Earlier this year, the Philippine government launched its P3 program or Pondo sa Pagbabago at Pag-asenso; a 1-billion peso project to help Filipino micro entrepreneurs against the quicksands of 5-6.
According to DTI Undersecretary Zenaida Maglaya, micro entrepreneurs like fishball vendors, sari-sari store owners, wet market vendors, and the like can borrow 5,000-100,000 pesos for their business.
“Sa P1,000 na utang, kung sa ‘5-6’, P200 ang babayaran na interes… dito sa amin P25 lang,” [A debtor only has to pay 25 pesos as interest for every 1,000 pesos, not like ‘5-6’s 200 pesos for every 1,000 pesos.]
In April 2017, KDN reported that DTI has released P4.72 million for the loan application of 135 micro businesses in three pilot areas of the program which include Occidental Mindoro, Tacloban and Sarangani province.
The program first become available in the poorest of the provinces, but will eventually be nationwide before the year ends.
And now, as of this posting, 70 provinces are currently enjoying the government’s P3 program.
Interested applicants may simply go to DTI’s Negosyo Centers, or to the seven accredited cooperatives and finance institutions listed below:
- Cebuana Lhuillier Finance Corporation
- Radiowealth Finance Company, Inc. (RFC)
- Center for Agriculture and Rural Development, Inc. (CARD)
- Taytay sa Kauswagan, Inc. (TSKI)
- Tulay sa Pag-unlad, Inc. (TSPI)
- Mindanao Alliance of Self-help Societies, Inc. (MASS-SPEC)
- National Confederation of Cooperatives, Inc. (NATCCO)
Simple step by step procedure to apply:
- Bring valid I.D. and any proof of your micro business
- Fill out application form
- Short interview for necessary information
There will be no collateral and approved applications can get their loans within a day.
The process was made faster and easier for those who already have a market stall or ‘pwesto.’
DTI also offers trainings and seminars that guides entrepreneurs to success.
For more inquiries, you can call Small Business Corporation ‘P3’ hotlines:
(02) 813-5711 and
Watch the video report by ABS CBN via Youtube: