SBCorp readies another P4-B fund for MSMEs (Sabong News)
Author
Bernie Cahiles-Magkilat
Date
MARCH 31 2022
The government will make available another P4-billion fund to continue the government’s financing assistance to micro, small and medium enterprises (MSMEs).
Trade and Industry Undersecretary Ruth B. Castelo said at the Laging Handa Public Briefing in Malacanang that the additional P4-billion fund from SB Corporation, the government’s micro financing arm under DTI, would start in April.
Castelo said that SBCorp is just fixing its IT system but it has already released a QR code so that those interested can already start their pre-qualification process.
Castelo explained that of the total P8-billion loan facility for MSMEs under the Bayanihan Act 2, SBCorp has already fully awarded and released the P4 billion to MSME borrowers as of June 2021, but the other P4 billion of the Department of Tourism have not yet been fully used up on lower take up from tourism-related enterprises. To fully utilized the DOT fund, the DTI has tapped the P2 billion from the unused funds for MSME lending.
The DTI is also conducting a profiling of beneficiaries for livelihood kits so they can be listed and be granted with MSME livelihood seeding program. Those qualified include families whose livelihood have been affected following the eruption of Taal Volcano. Castelo said there are 487 families in evacuation areas in Laurel and 375 families from Agoncillo, engaged in fishing.
Aside from the livelihood kits, Castelo said the DTI is ensuring that prices and supply of basic necessities and prime commodities remain stable in the Taal volcano eruption affected areas.
Based on their monitoring, prices of basic goods remained stable and there has been unhampered replenishment of supplies.
The DTI is also hoping to get their exemption from the Commission on Elections to allow them to distribute livelihood kits to pandemic hit micro entrepreneurs even during the election period.
