QC releases P9.5-M loans for livelihood

Quezon City Mayor Feliciano Belmonte Jr., in a bid to provide livelihood opportnities to poor but enterprising residents, released yesterday some P9.5 million worth of non-collateral loans to 138 beneficiaries in depressed barangays in the city.

The livelihood and employment opportunities for residents in poor barangays is part of the Belmonte’s flagship Puhunang Pankaunlaran ng Sikap Buhay (PPSB) program, a system of micro-financing, wherein no collateral is needed as borrowers become guarantors to their co-borrowers.

In simple ceremonies held at the Quezon City Hall, the mayor handed checks ranging from P5,000 to P10,000 to 138 residents from Barangays Payatas, Baesa, Pasong Tamo and Old Balara.

The program, which was launched on April 26 last year with initial membership of 248 and a P3 million seed loan from the National Livelihood Support Program, has proven to be successful with members religiously paying their dues.

Under the program, borrowers are required to organize themselves into groups of five or six with each member in effect being a guarantor of the loans of the other members. In case of default, the remaining members assume responsibility for repaying the balance contracted by their co-members.

Currently PPSB has 567 members but the target is to make the facility available to at least 3,000 members.

At least 5,000 residents from poor barangays have participated in a series of training sessions in the past few months. – Perseus Echeminada