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Philippines
Thursday, March 28, 2024

Lacson vows easier loans for small firms

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Presidential candidate Panfilo ‘Ping’ Lacson vowed to work toward the simplification of the application process for state-funded loans to hasten economic recovery of small business owners and other stakeholders from the micro, small and medium-sized enterprises (MSME),

If elected president, Lacson said he would ease the overregulation of the government on private businesses.

Lacson blamed the lack of information dissemination and improper policy implementation concerning the P2-billion worth of public funds allocated for the DTI to help keep the MSMEs afloat.

He noted that this is separate from the P2-billion fund courtesy of the Land Bank.

“Did you know there is a P2-billion allocation intended purely for financing?”

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He said there are two kinds of loan applications, and one can be accessed at low-interest rates for the MSMEs. “The problem is why have you not been informed?” he said.

Senatorial aspirant and former Department of Agriculture (DA) Secretary Emmanuel ‘Manny’ Piñol, for his part, recommended a Production Loan Easy Access (PLEA) system, which was a special credit program he implemented for the benefit of farmers and fishermen when he spearheaded the agency.

Through this mechanism, Piñol said he was able to prevent cases of unused and misused appropriations at the DA by letting farmers and fishermen who need financial assistance access loans through easier application processes.

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