MANILA – A total of P4.5 billion worth of loans to micro, small and medium enterprises (MSMEs) were approved under the COVID-19 Assistance to Restart Enterprises (CARES) program as of June 9, a report from the Department of Trade and Industry (DTI) said.
The DTI on Thursday said the P4.5 billion loans assisted 30,408 MSMEs that applied under its zero-interest loan.
Through its financing arm Small Business (SB) Corporation, DTI rolled out the cares program in May last year, aiming to help MSMEs to recover from their losses brought by the pandemic.
The program had an initial fund of P1 billion from its 2020 budget and got another P10 billion from the Bayanihan to Recover as One (Bayanihan 2).
Of the P10 billion, P6 billion were allocated for MSMEs in the tourism sector.
However, the DTI has until the end of the month to roll out the remaining budget for its microfinancing program since the Bayanihan 2 is effective until June 30.
To accelerate the remaining allocation, the DTI is working with the Department of Tourism (DOT) for the CARES for TRAVEL (Tourism Rehabilitation and Vitalization of Enterprises and Livelihood).
Both agencies will accelerate the utilization of CARES for TRAVEL as more tourism economic activities start to reopen their operations.
“With this microfinancing program providing collateral-free and interest-free loans to businesses affected by the pandemic, our MSMEs can begin to rebuild their respective businesses and take part in the recovery that has started around the world,” DTI secretary Ramon Lopez said.
Lopez is also optimistic of the start of the vaccination for the A4 group, which includes economic frontliners, as this will boost consumer and business confidence.(PNA/PN)
