Marawi City—The Department of Trade and Industry (DTI) offered microfinance solutions amounting to PHP100M to Internally Displaced People (IDPs) during the Marawi Entrepreneurship and Job Fair held last July 16 at the Mindanao State University main campus in Marawi City.
DTI invited Marawi entrepreneurs to take advantage of the Pondo sa Pagbabago at Pag-asenso Program (P3), a microfinance program for micro-entrepreneurs with loans as low as Php 5,000. P3 was established by President Rodrigo Roa Duterte to combat the prevalence of 5-6 lenders who offer interest as high as 20% per month.
Under the P3 Program, DTI allotted PHP 50 million for IDPs and another PHP 50 million for wounded soldiers and families of soldiers killed during the Marawi siege. Of these amounts, PHP 5.28 million has been loaned to 364 IDPs and PHP 11.96 million has been released to 167 soldiers and/or their families.
P3 loans are released a day after applications are approved and borrowers only need to submit to their nearest Negosyo Center a certification of their business. The said certification need not be a business permit as Small Business Corporation (SBCorp), DTI’s microfinance arm, accepts certificates from market associations for market vendors.
DTI and SBCorp are working on further simplifying the requirements to address these concerns as some Marawi entrepreneurs can’t provide a certification since they could only set up stalls along the main roads after the siege.
“President Duterte’s vision for P3 is for it to replace 5-6 as the primary source of working capital for micro entrepreneurs. To do this, we are working to rival their wide reach and accessibility,” said DTI Secretary Ramon M. Lopez.
The Marawi Entrepreneurship and Job Fair was organized by DTI in partnership with Task Force Bangon Marawi (TFBM), the Department of Social Welfare and Development (DSWD), the Department of Labor and Employment (DOLE), Radio Television Malacanang (RTVM), the Training Technical Education and Skills Development Authority (TESDA), Mindanao State University(MSU), United States Agency for International Development(USAID), Philippine Disaster Resilience Foundation (PDRF), Coca-Cola, ASA Philippines Foundation and Al-Amanah Islamic Bank.
