MANILA, Philippines — Beverage giant Coca-Cola Philippines has partnered with the Department of Trade and Industry (DTI) and two microfinancial institutions to implement the P157-million lending program for small retailers hit hard by the coronavirus disease 2019 or COVID-19 pandemic.
In a statement, Coca-Cola Philippines said it has forged a deal with the DTI, ASA Philippines Foundation Inc. and Alalay sa Kaunlaran Microfinance Social Development Inc. to extend loans to more than 15,000 retailers under the Rebuilding Sari-Sari Stores Through Access to Resources and Trade or the ReSTART program.
Through the program, enterprises such as sari-sari stores and carinderias can avail of loans worth up to P10,000.
Bulk or 60 percent of the loan package would be given as goods and products, while the balance of 40 percent would be in the form of cash.
The loans have a service fee of zero to 0.5 percent.
Those who will avail of the loans would be given safe store kits consisting of a storefront plastic cover, reusable face mask, face shield, and a change or counter tray to help prevent the transmission of the virus.
The two microfinancial institutions will be responsible for the delivery of the funds to the target beneficiaries.
In addition to providing funds, the ReSTART program will also implement the Safe Store Movement which involves dissemination of informational posters in sari-sari stores and food outlets, providing online access to an open-source illustrated digital content with step-by-step guides on safety measures, and digital information drives on good store practices to be implemented in all ReSTART partners.
Access to online training and education on how to operate a retail business safely in collaboration with the Technical Education and Skills Development Authority and the US Agency for International Development would likewise be provided under the ReSTART program.
Based on a rapid retailers assessment conducted by the Philippine Association of Stores and Carinderia Owners from March to April this year, 42 percent of sari-sari stores and 75 percent of carinderias were forced to close due to the health crisis.
In addition, 49 percent of sari-sari stores and carinderias faced difficulties in buying goods to sell, while 44 percent had to drastically reduce operations by up to 90 percent.
“Coca-Cola recognizes the significant role that micro-retailers play in helping sustain the Philippine economy and our business. For the past decade, we have been supporting partner sari-sari store owners through a holistic economic empowerment program; and we are determined to continue investing in them in the long run,” Coca-Cola Philippines president and general manager Winn Everhart said.
“This ongoing crisis does not change that commitment; rather it pushes us even to go beyond, ramping up our support toward helping each other fuel the economy toward recovery — for their growth is the nation’s growth too,” he added.
For his part, Trade Secretary Ramon Lopez said the program is in line with one of the DTI’s priorities which is to strengthen microbusinesses.
“Through the program components and their objectives, ReSTART will translate to the continuous recovery of the thousands of affected community-based micro-retailers, and in turn, to their employees and the general community around them,” he said.