The Department of Trade and Industry is seeking the approval of the 2019 budget of P5.3 billion on top of the P6-billion proposed allocation for the Pondo sa Pagbabago at Pag-Asenso (P3).
Trade Secretary Ramon Lopez said the department would still review the proposed 2019 budget, which is lower than the current budget of P5.7 billion.
“This is excluding the budget for P3 that the President said will be increased next year,” he said.
An estimated P1 billion to P2 billion in SB Corp. are available for lending to micro-entrepreneurs throughout the year.
The Trade Department is hoping the P3 program will be institutionalized soon to rid of the yearly defense of the budget and save precious time for the government.
The P3 program is a micro-financing program intended to give MSMEs better access to finance and reduce their cost of borrowing.
P3 as a flagship program will provide micro enterprises an alternative source of financing that is easy to access at a reasonable payback timeline.