President Ferdinand Marcos Jr. yesterday launched the “Turismo Asenso Loan” program for micro, small, and medium enterprises (MSMEs) in the tourism sector, seeking to provide affordable financing to small and start-up businesses.
businesses and to enable them to provide better services to both domestic and foreign visitors in the country.
“Tourism is one of the pillars of our economy. It brings livelihood and development to thousands of small businesses in every corner of the country,” Mr. Marcos said during the program’s launch at the Marriott Hotel in Pasay City.
“That is why the government continues to promote programs that support you,” he said.
The loan program, implemented through the Small Business Corporation, under the Department of Trade and Industry, in partnership with
the Department of Tourism, provides tourism MSMEs up to P20 million in loan assistance with competitive interest rates and flexible repayment.
The loan can be used to enable MSMEs to obtain capital for the development of tourism enterprises, scale up their operations, and improve services to showcase Filipino world-class hospitality, creating more sustainable livelihoods for their families and local communities.
During the event, the President led the awarding of loan packages to nine tourism-related MSMEs from the National Capital Region (NCR) and Calabarzon (Region.
IV-A) that range from P150,000 to P1 million.
The DOT said that eligible applicants can borrow up to P20 million at a competitive interest rate of 1 percent per month on a diminishing balance basis. Meanwhile, non-collateral loans are available for new borrowers up to P3 million and for existing ones up to P5 million.
Flexible repayment terms up to five years are also available.
Businesses must be registered and at least 60 percent Filipino-owned, have a track record of the business for at least one year, have an asset size (excluding lot) not exceeding P100 million, have no past due in any of the programs of SBCorp.; and have no major negative credit findings to qualify for the program.
Mr. Marcos directed the implementing government agencies to expand loan program awareness, streamline application processes, and extend services to far-flung areas.
The President also acknowledged all stakeholders of the tourism sector, including workers, entrepreneurs, artists, and hospitality providers, for their invaluable contributions in promoting local culture and deepening appreciation of the Philippines among tourists.
He also recognized programs such as Negosyo Centers, Go Lokal!, and Tourist Rest Areas, and various trade fairs that help promote local products.
After the event, the President, together with the Department of Social Welfare and Development (DSWD) and the Department of Tourism (DOT) distributed emergency cash transfer (ECT) assistance and training vouchers under the “Bayanihan sa Bukas na May Pag-asa para sa Turismo (BBMT)” program to more than previous typhoons hit 1,000 tourism workers in the province of Aurora.
Marcos recognized the vital role of tourism workers in boosting the country’s economic growth, citing that the tourism sector contributes over eight percent to the country’s gross domestic product (GDP).
