5-6 LOAN SHARKS CAN BE ARRESTED,GOVERNMENT WILL OFFER 5000-300,000 LOAN FOR SMALL VENDORS

STAFF 4:01 PM

SPONSORED LINKS
The Government is launching a lending program called Pondo sa Pagbabago at Pag-asenso (P3). They will start the program by March 2017, according to reports and will lend money to around 10,500 micro, small and medium Entrepreneurs this 2017 alone.

The government will push for the implementation of the nationwide micro lending program to address the “5-6” loaning business.
Earlier, President Rodrigo Duterte said the “5-6” scheme has become a burden to Filipinos, especially for those who have no other resort.
Many micro, small and medium enterprises usually resort to “5-6” lenders who are usually Indians.

The president said Filipinos had been experiencing such conditions but it had not been noticed for a long time.

WHO CAN AVAIL THE PROGRAM

The government will give priority first to small and medium business owners who can't avail a bank loan such as, market vendors, agricultural men, members of "Kooperatiba" and associations.

For 2017, the allocated budget for the program is P1 billion. 

Initially, the program will be launched in the provinces of Mindoro and Leyte islands and Sarangani, which are among the top 30 poorest provinces. Eventually, we hope that this will be implemented all through out the country.


HOW MUCH THEY COULD LEND AND THE INTEREST?

The initial amount allowed was stated at about 5000 to 300,000 with 2.17% per month.

The good thing about the program, is that it does not require collateral. Borrowers can avail minimum of P5,000 to as much as P300,000. The interest rate shall be 2.17% monthly, a big difference compared to the 5-6 interest rate of 20% monthly.

"Fund delivery to micro-enterprises shall be carried out in either by wholesale lending to non-bank financial institutions like MFI-NGOs, and cooperatives which shall on-lend the fund to beneficiaries or by direct lending by SB Corp, ” Lopez said.

Loading...

Related Posts

Previous
Next Post »