The government’s micro-lending program called P3 or Pondo para sa Pagbabago at Pag-asenso has released its first approved loan in Palawan to an irrigators’ cooperative based in Narra, according to the Department of Trade and Industry.
Touted as the Duterte administration’s counter to loan sharks preying on small business, the P3 Program offers low interest loans to qualified micro businesses.
Marcelino Dile, desk officer of the Department of Trade and Industry’s Small Business Corporation which runs the program said they have released their first loan to the Narra Irrigators and Advocates Multi-Purpose Cooperative.
Dile said the P3 Program offers loans up to P100 thousand to qualified businesses at two percent interest per annum. In the case of the Narra-based cooperative, he said they have released an initial amount of P250 thousand for relending to its members.
He added they have also approved a similar loan to another conduit, the Palawan People’s Credit Cooperative based in Puerto Princesa City for an amount of P500 thousand.
“Kinukumpleto na nila ang listahan at profiles ng mga members-borrowers at ma-release sa kanila ng buo ang P 500 Thousand,” Dile said.