Trade dep’t fasttracking Marawi business revival

MANILA, Philippines — The Department of Trade and Industry (DTI) is fast-tracking the revival of Marawi City’s business environment as it continues to provide more assistance to affected entrepreneurs.

“We plan to allocate more budget for this year to support the Bangon Marawi programs to provide livelihood assistance to around 80 percent of identified internally displaced persons (IDPs) in 2018,” Trade Secretary Ramon Lopez said. 

The agency has set aside P50 million to fund the shared service facilities (SSF) project and plans to seek additional budget to fund the provision of livelihood starter kits, micro loans, mobile rice mills, tricycles, construction of public markets and provision of retail spaces in major malls to promote Maranao products.

“We will continue to provide assistance to our brothers and sisters in Marawi. As of now we are working to assist Maranao entrepreneurs with micro loans through the Pondo sa Pagbabago at Pag-asenso or P3, mobile rice mills, tricycles and equipment,” said Trade undersecretary Zenaida Maglaya.

According to Maglaya, the P50 million SSF fund will help address the needs of Maranao entrepreneurs engage in loomweaving, wood working, and brasswares by providing equipment that matches their needs.

Through the Small Business Corp. (SB Corp.), the DTI also released a total of P375,000 micro loans in the form of P3 to 37 Maranao borrowers. 

SB Corp. is expecting at least 1,000 Marawi entrepreneurs to receive loan packages in the first quarter of the year. 

As of December 2017, a total of 588 equipment/starter kits were distributed by the agency while also providing trainings to 1,963 IDP beneficiaries. In addition, 240 beneficiaries were linked to financial institutions.

“With the help of member agencies of the Task Force Bangon Marawi Subcommitee on Business and Livelihood, we assure that Maranao entrepreneurs will be back on their feet in no time,” Maglaya said. 

The assistance is in line with President Duterte’s order to provide livelihood to IDPs in Marawi City and other affected localities.