Duterte Government Launches P1-B Lending Program To Loan Filipinos Up To P300K Without Collaterals

The 2017 General Appropriations Act has included an initial funding of PhP 1 billion for financial assistance, a part of the planned PhP 19 billion financing initiative for micro and small businesses in the next five years.

The program’s fund will be lent out in the business centers of the poorest provinces (based on poverty incidence), where the participating microfinance institutions (MFIs) and the Small Business Corporation (SB Corp.) can operate.

Here’s the List of Some 20 Poorest Provinces in the Philippines:

1. Lanao del Sur (ARMM)
2. Sulu (ARMM)
3. Sarangani (Region 12)
4. Northern Samar (Region 8)
5. Maguindanao (ARMM)
6. Bukidnon (Region 10)
7. Sultan Kudarat (Region 12)
8. Zamboanga del Norte (Region 9)
9. Siquijor (Region 7)
10. Agusan del Sur (Caraga)
11. Eastern Samar (Region 8)
12. Lanao del Norte (Region 10)
13. Mt. Province (CAR)
14. Western Samar (Region 8)
15. North Cotabato (Region 12)
16. Catanduanes (Region 5)
17. Leyte (Region 8)
18. Negros Oriental (Region 7)
19. Zamboanga Sibugay (Region 9)
20. Sorsogon (Region 5)

An attached agency of DTI, SB Corp. shall administer the P3 Program, including the creation of a Program Management Office (PMO), which will open a separate back account for the P3 Program, to oversee the management and monitoring of fund.

“Fund delivery to micro-enterprises shall be carried out in either by wholesale lending to non-bank financial institutions like MFI-NGOs, and cooperatives which shall on-lend the fund to beneficiaries or by direct lending by SB Corp,” Sec. Lopez said.