Marawi businessmen to get SB Corp. loan assistance

MANILA, Philippines — Maranao entrepreneurs have started receiving loan assistance through the Pondo sa Pagbabagao at Pag-asenso (P3) program of the government to help revive business in the war-torn city. 

The Department of Trade and Industry (DTI) said its micro-financing arm SB Corp. has recently released a total of P245,000 to 24 borrowers, while another P10,000 P3 loan package was also given to 13 micro enterprises the previous week. 

“DTI is bringing the government’s P3 microfinancing program closer to the entrepreneurs of Marawi by helping them start and rebuild their businesses. We are committed in reviving the vibrant business environment in the city, especially for the Maranaos who are well-known as traders,” Trade Secretary Ramon Lopez said.

As part of “Task Force Bangon Marawi,” DTI, together with other government agencies, has been assisting affected Marawi residents in restoring the business environment in the city.

Trade Undersecretary Zenaida Maglaya said the agency has been working to hasten the recovery and rehabilitation of the city. 

“Together with member agencies of the Task Force Bangon Marawi Subcommittee on Business and Livelihood, we would make sure that Marawi City will quickly return to normalcy upon the orders of the President. We’re bringing back business for our brothers and sisters who were greatly affected by the war,” Maglaya said.

DTI said at least 1,000 Marawi entrepreneur beneficiaries are expected to receive loan packages from SB Corp. within the first quarter. 

According to Maglaya, more entrepreneurs will be assisted by the agency through loan packages without interest.  

The DTI said other micro enterprises who are neither DTI starter kit recipients or Marawi public market stall owners may apply for P3 loans from SB Corp. accredited  conduits such as Radiowealth Finance Co. Inc. and CARD Inc. which are presently operating in the area.

The agency said the provision of starter kits is in line with the order of President Duterte to provide livelihood to internally displaced persons from Marawi City and other affected localities. 

The P3 program for Marawi, meanwhile, is set to provide credit risk support to microfinancing institutions (MFI), including rural banks who want to start lending in the Lanao del Sur area in exchange for their timely response.  

Loan qualification criteria would be relaxed to support gradual normalization of MFI operations in Lanao del Sur and nearby provinces where the displaced microenterprises were  temporarily relocated.