THE Department of Trade and Industry (DTI) is seeking an additional P30 billion from state banks for relending to micro, small and medium enterprises (MSMEs) to cope with the effects of the new coronavirus disease 2019 pandemic.
DTI Secretary Ramon Lopez in a radio interview over the weekend said the agency has asked the Land Bank of the Philippines and the Development Bank of the Philippines to allot P30 billion from their existing portfolio as an additional fund for MSMEs.
Lopez said this is on top of the P1.5 billion the DTI through the SB Corp. has earlier announced for lending to marginalized MSMEs. This is also over and above the wage subsidy granted to workers in the sector.
“The (P30 billion) is a loan for MSMEs,” Lopez said.
The DTI earlier announced a P1-billion loan package from the agency’s Pondo sa Pagbabago at Pag-asenso or P3 microfinancing where MSMEs can take out P5,000 to P200,000 loans with no collateral and a maximum of 2.5 percent interest.
Another P500 million has been set aside for medium enterprises.
