The Department of Trade and Industry (DTI) said Friday it is providing a lifeline to micro, small and medium enterprises (MSMEs) affected by severe tropical storm Kristine through a P2-billion loan assistance program.
It said the loan would be coursed through the Small Business Corp. (SB Corp.), the agency’s lending arm.
“We are committed to supporting our MSMEs during this challenging time. The P2 billion loan program is a crucial step in helping them recover and rebuild their businesses,” said acting DTI Secretary Cristina Roque.
She said the loans are collateral-free, with MSMEs allowed to borrow up to P300,000 per enterprise and only proof of business ownership required.
“We understand the financial difficulties faced by MSMEs in the aftermath of the storm. That’s why we have made the loan application process as streamlined as possible,” Roque said.
The loan offers a zero interest rate for the first year, increasing to 1 percent per month on the principal amount in the second year.
Affected businesses can reach out to their nearest Negosyo Centers or DTI regional offices for further details on the loan program and other available assistance.
The DTI also implemented a 60-day price freeze on basic commodities in areas declared under a state of calamity to protect consumers from price gouging.
The DTI urged consumers to pro-actively report instances of price manipulations.
“We are closely monitoring prices and taking action against those who exploit the situation. The price freeze is essential to ensure that consumers have access to essential goods at fair prices,” Roque said.
The department said it closely monitors the situation and takes action against anyone trying to exploit the situation.
