The Department of Budget and Management is being called by party-list lawmakers to earmark P3-billion of the 2019 national budget for the P3 lending program for micro, small and medium enterprises (MSMEs).
Rep. Enrico Pineda, together with Michael Romero, a One Patriotic Coalition of Marginalized Nationals Party-list Rep. filed House Bill 5540 on Friday which seeks to increase the capitalization of the Department of Trade and Industry’s (DTI) to implement the Pondo sa Pagbabago at Pag-asenso (P3) program.
Romero said: “Ngayong 2017, P1-bilyon ang budget para sa P3. Sa 2018, may dagdag na P1-bilyon. Para sa 2019, hinihiling ko ngayon sa DBM na dagdagan pa ito ng P1-bilyon, para mas maraming maliliit na negosyante, sari-sari store, at mamumuhunan ang umusbong sa buong bansa,” [This year’s budget for P3 is P1-billion, on 2018, an additional P1-billion, and for 2019, I ask from DBM (Department of Budget and Management) for another P1-billion so that more small entrepreneurs and sari-sari stores will sprout.]
Earlier this year, the government launched its P3 program; a 1-billion peso project to help Filipino micro entrepreneurs against the quicksands of 5-6.
As of July 2017, 70 provinces have already enjoyed the P3 program.
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
Interested applicants may simply go to DTI’s Negosyo Centers, or to accredited cooperatives and finance institutions. (read more) Need 5k-100k, fast and easy? DTI’s P3 lending program a success! here’s how