After the release of the first batch of Pondo sa Pagbabagao at Pag-asenso (P3) loans to micro entrepreneurs in Marawi City in December, Small Business Corporation (SB Corp) is set to release P2 million more in loans to 150 public market vendors and DTI Starter kit recipients.
Of the 150 processed P3 loan applications, 95 are public market vendors and 55 are business starter kit recipients from DTI Lanao del Norte.
In a ceremonial awarding ceremony held last January 30, 2018 in Brgy. Sagongsongan in Marawi City, President Rodrigo Duterte and DTI Secretary Ramon Lopez handed loan proceeds to five of the 150 beneficiaries.
Rocaya P. Macabanog, a 68-year old widow and a retired public school teacher who owns a three- storey building in Padian Market in Marawi City, a section in the city being called as ground zero. The first and second floor houses her appliance and electrical shop and third floor serves as her family’s residence. When the war broke on the first day of Ramadan she and her daughter fled to Manila where her brother, a lawyer took them in.
After the war, she immediately made preaparations to return to Marawi but her brother was reluctant to let her go, insisting that she just stay with him in Manila.
“I want to go back. I was crying and telling my brother that I will return home with or without his approval, Macabanog related.
With the P3 loan from SB Corp she was happy to start again. “It doesn't matter if it’s small compared to what I’ve lost. What is important is I have something to start with. Even my supplier in Cagayan de Oro City is willing to help me.”
As a guarentee for her loan even if it was not required Ms. Macabanog issued post dated checks to cover her monthly amortization for the loan.
“ I want to show my commitment to rebuild my business and to rise above and heal from this experience.” Ms. Macabanog concluded.
SB Corp is targetting1,000 micro enterprise beneficiaries in Marawi City until the first quarter of 2018. Borrowers are required to present a certification from DTI that the borrower is a starter kit recipient, signed Promissory note and disclosure, P3 Application Form and Valid IDs of Principal and co-borrower.
The P3 program for Marawi will also provide credit risk support to microfinance institutions (MFIs) including rural banks who want to start lending to the Lanao del Sur area in exchange for their timely and quick response. Loan qualification criteria will be relaxed to support gradual normalization of MFI operations in Lanao del Sur and nearby provinces where the displaced microenterprises were temporarily relocated.
Interested microenterprise owners may contact SB Corp P3 Marawi coordinators at (088)291-8033, 09759062762, or 09166620488.
DTI Lanao del sur Provincial Office- Marawi Negosyo Center will also be open to answer inquiries on the P3 Marawi.
On the other hand the national P3 program has already accredited 127 microfinance institutions SB Corp accredited conduits are currently lending to almost 20,000 borrowers in 71 province nationwide.
*Photo credits: PCCO Website