DAGUPAN CITY – The Department of Trade and Industry (DTI) on Thursday launched the “Pondo sa Pagbabago at Pag-asenso” (P3) program in Pangasinan to help microenterprises and entrepreneurs which do not have easy access to credit.
Peter Mangabat, provincial director of DTI-Pangasinan, said the P3 program, which has a nationwide budget amounting to P1 billion from the Office of the President, aims to provide microenterprises an alternative source of financing and stop the usurious practices of 5-6 moneylenders.
“Ito yong programa na pangkontra sa mga usurious practices ng ibang mga lenders kung saan target nito ay ang mga market vendors, micro, small and medium enterprises na pauutangin ng halaga ng pera na maaari nilang magamit bilang capital na may mas mababang interes,” Mangabat said.
He said the P3 program offers minimal document requirements, lowest interest rate at only 2.5 percent per month, and easy payment scheme.
“Malaki ang deperensya ng P3 sa moneylending na 5-6 dahil dito ang interes kada buwan ay pumapatak sa 20 percent, samantalang 2.5 percent lang kada buwan ang interes sa programang P3,” he said.
Mangabat added that through the program, entrepreneurs and microenterprises can loan an amount of P5,000 to up to P100, 000 with no collateral requirement.
Mangabat said to further make the transaction easy for the borrowers, DTI will accredit non-bank micro-financing institutions, cooperative and association in Pangasinan to serve as the agency’s partner that will channel the P3 funds to borrowers. (EMBS/PIA-1, Pangasinan)