THE Duterte administration has allocated P1 billion per region as seed fund that can be used by micro, small and medium enterprises as seed fund to start businesses, a senior Cabinet official said.
“We are happy to note that upon the initiative of our President, he has taken from his budget P1 billion and transfer it through DTI [Department of Trade and Industry] … to be lent out to the micro-entrepreneurs as a start. The vision and promise of the President is P1 billion per region,” Trade Secretary Ramon Lopez said during the Negosyo Para sa Kapayapaan in the Sulu event at Malacañang on Monday.
“To start off that program, he is allocating P1 billion to our project to really help the startups, the market vendors, hawkers, small farmers, and even from 5,000, 10,000, 30,000 up to 150,000 to 250,000, we can accommodate through this microfund,” Lopez said.
The P1-billion fund is part of a planned P19-billion financing which the government wants to provide the country’s micro and small businesses in the coming years to kill the 5-6 money lending scheme in the country.
“We are trying to remove and kill the ‘5-6’ industry. We are replacing this with an alternative micro funding. So far we are able to set aside P1-billion new funds. It’s a project of President Duterte to really provide startup funds for the micro entrepreneurs,” he added.
President Rodrigo Duterte earlier warned that loan sharks or those lending money under the 5-6 scheme would not be allowed to operate under his administration
This, as members of the private sector committed for Sulu’s development, including Manuel V. Pangilinan group, which pledged development in telecom, hospitals, and coconut mill industry.
Ramon Ang’s San Miguel Corp. made a commitment to build a 50 megawatt coal power plant and to reorganize Sulu’s school of arts and trade.
It also promised to create a feed mill supply chain.
The National Book Store also committed to provide school supplies for at least 100,000 school kids in Sulu, while the Department of Agriculture will provide tractors, farm implements and agricultural training.
Other donors are Bounty Fresh Good, Inc., W Group, Gawad Kalinga, Lucio Tan Group, Kapatid Agri Group, and the federation of Filipino-Chinese businessmen.
Lopez said the government would be giving an additional P50 million as startup for Sulu farmers.
“We are happy to say that for the Sulu project, we are happy to allocate P50 million for the Sulu farmers and all our projects will do for Sulu to jumpstart the economy in Sulu. That is our little contribution for a start. If we do well, we can do another P50 million for the area.”