A flock of ducks sit atop a roof of a submerged house brought about from Tropical Storm Trami in Bula town, Camarines Sur province, South of Manila on October 26, 2024. - Photo: AFP
MANILA: The Trade and Industry Department (DTI) says that it is looking at raising the two billion pesos or about US$34.1bil in funding it has set aside to help businesses that were hit by tropical storm Kristine.
During the government agency’s morning programme at the DZBB radio station last Saturday, Trade Secretary Cristina Roque said they will discuss this week whether additional funding is needed for their “enterprise rehabilitation fund”.
“The minimum loan can go as low as 10,000 pesos. But the maximum loan is 300,000 pesos. So this loan is really mostly to help the micro, small, and medium enterprises,” Roque said.
Roque said interested businesses and entrepreneurs can avail of this fund until Dec 31, 2024.
According to 2020 figures from the Philippine Statistics Authority, 99.51% of all businesses in the Philippines are micro, small and medium enterprises, making these entrepreneurs the backbone of the country’s economy.
The head of the DTI made an announcement of the loan facility, citing that it will be zero interest on the first year and will have a 1% interest on the second year.
She also said there was no payment or collateral needed as long as those applying were typhoon victims. — The Inquirer/ANN
