DTI seeks P1-b fund for small businesses

The Department of Trade and Industry is seeking to reinstate the P500-million funding intended for the shared service facilities project that was realigned for pandemic response in 2020 to add to the proposed P500-million allocation for 2021.

Trade Secretary Ramon Lopez said it was important to raise at least P1 billion to arm micro and small stakeholders with tools to help them move on and battle the effects of the crisis.

“We need to augment what was allocated for SSFs. That’s why we are working for the restoration of the P500-million funding that was reallocated for pandemic-related activities,” he said Monday during the virtual celebration of the Cooperatives Day.

He said the DTI would continue funding the project that has so far benefited 839 cooperatives and a few hundred communities across the nation.

“This [funding] may not be as big as that of the Department of Agriculture’s, but we are thankful enough that many of our MSMEs have already benefited from these. We will continue to implement this program knowing how important this is to our small enterprises,” he said.