DTI advises MSMEs to legalize operations

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Friday January 13, 2017
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ILOILO City – The Department of Trade and Industry (DTI) is advising micro, small and medium entrepreneurs (MSMEs) here to legalize their operations in the meantime that the department is readying the guidelines for the lending scheme that will put an end to “loan sharks.”

DTI-Iloilo director Diosdado Cadena Jr. said the agency has an approved P19-billion budget for the implementation of the “Pondo para sa Pagbabago at Pag-asenso” or P3, an alternative financing scheme that will be implemented nationwide through the Small Business Corp. this year.

It will be piloted in provinces of Mindoro for Luzon, Leyte for Visayas and Sarangani in Mindanao with an initial fund of P1 billion.

The P19-billion fund means that each region in the country will have a budget of P1 billion, he said.

The lending scheme as low as P5,000 to P300,000 for a qualified borrower will have an interest of 26 percent per annum, far below when compared with the 20 percent per week interest when one avails of a loan shark.

This week, President Rodrigo Roa Duterte declared that he wanted to put a stop to the 5-6 lending scheme of Indian nationals.

Cadena, however, said they could not yet account if how many MSMEs are availing themselves of the 5-6 lending scheme. He added that there could be others who are also engaged in a similar lending operation but they are not Indian nationals. (PNA)

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