The Department of Trade and Industry (DTI) said it is setting aside P500 million in loans for tourism projects by micro, small and medium enterprises (MSMEs).
In an interview with reporters yesterday, DTI Secretary Cristina Roque said the tourism loan program could be part of DTI agency SB Corp.’s several ongoing loan programs, which have a P10 billion loan portfolio.
The DTI’s financing arm extends loans from P10,000 to P3 million to bankroll startup projects and expand existing MSMEs ventures.
Under a memorandum of agreement (MOA) on a convergence program, the DTI will assist the Department of Tourism (DOT) in marketing and promoting the products of MSMEs engaged in tourism ventures.
The agreed convergence program will institutionalize the undertaking of DOT and DTI to fortify coordination in promoting and participating in joint trade and tourism missions, and develop sustainable tourism-related enterprises and MSMEs development.
Roque said this will enhance the competitive edge and market access of local products and services locally and globally.
“This MOA will promote investment in tourism-related infrastructure, businesses and services in domestic and global platforms and strengthen the country’s production of local talents and products in tourism-related facilities, attractions and destinations,” Roque said in her speech.
Roque said that by helping MSMEs level up their operations, they can cater to travelers’ needs. These businesses can be souvenir makers, restaurants, or accommodation facilities.
DOT Secretary Christina Frasco said the DTI will “give its expertise on marketing and promotion of MSMEs across destinations. SB Corp., an attached DTI agency, will then begin providing loans.”
The MOA seeks to facilitate access to SB financing programs in the tourism sector, promote initiatives in the different stores, and support the integration of Tatak Pinoy stores, auto stores and other MSME stores nationwide.
