Tricycle drivers given livelihood funds

TACLOBAN CITY, Philippines— Senate Majority Leader Alan Peter Cayetano met with tricycle drivers and operators in this city recently and turned over funds that will serve as their livelihood capital to help them recover from the devastation wrought by typhoon Yolanda.

A total fund of P200,000 was handed to the Tacloban Federation of Motor Cab for Hire Drivers and Operators, Inc. to be used as capital for lending to its 371-member tricycle operators and drivers.

The fund, which was envisioned to aid federation members and discourage them from borrowing money from loan sharks that charge very high interest rates, may also help the tricycle drivers start alternative sources of livelihood, said Cayetano.

The Anti 5-6 lending project, or the "Kontra 5-6 Program," is part of Cayetano's platform on Presyo, Trabaho/Kita, Kaayusan, a program he launched during his successful re-election campaign in 2013 that was aimed at promoting projects to lower the prices of goods, create more jobs and increase people's income.

The lending program was also intended to provide small-scale entrepreneurs more access to capital by establishing a micro-financing mechanism that will charge very low interests in small loans.

Side by side with the Kontra 5-6 Program, Cayetano said he will strongly push for a legislation that will institutionalize this kind of micro-financing model so that more of such organizations all over the country can benefit from such a lending system.

Cayetano was welcomed by City Councilor Cristina Romualdez who in turn thanked the senator for his efforts to help Yolanda victims in the city recover from the tragedy. — Contributed article