DTI allots P200 million for Odette-hit MSMEs

MANILA, Philippines — The Department of Trade and Industry (DTI) is making available over P200 million worth of assistance in the form of loans and grants for micro, small and medium enterprises (MSMEs) in areas hit by Typhoon Odette.

“DTI will provide the needed livelihood support, as well as the microlending program of the SB (Small Business) Corp.,” Trade Secretary Ramon Lopez said in a Viber message to reporters yesterday,

He said the DTI’s financing arm, SB Corp., is allocating an initial P200 million for micro lending for MSMEs.

The amount is being made available on top of the available funds for tourism projects under the Coronavirus Disease 2019 (COVID-19) Assistance to Restart Enterprises or CARES program.

Under the CARES program, MSMEs can borrow at zero interest and without collateral, but will have to pay a one-time service fee set at a maximum of eight percent for a four year loan term.

Aside from loans, Lopez said the DTI is also providing assistance through a grant in kind under the Livelihood Seeding Program (LSP) Negosyo sa Barangay.

“We are allocating P20 million for LSP Negosyo sa Barangay,” he said.

He said the DTI has already offered livelihood assistance through the LSP to around 2,000 affected MSMEs in Siargao.

“To jumpstart their livelihood, (we are) giving them the P8,000 to P10,000 worth of products or equipment used in their livelihood - the merchandise, facilities and utensils, tools of trade,” he said.

He said the DTI is also conducting an assessment of the situation of MSMEs in other areas struck by  Odette.

Lopez was in Palawan with President Duterte yesterday as part of the assessment and monitoring of the impact of the typhoon.

Prior to Palawan, Lopez was in Siargao and Kabankalan.