P50-M fund eyed to revive trade in Marawi

MANILA, Philippines - The government will allocate P50 million to help Marawi City traders revive their businesses and livelihoods.

Trade Secretary Ramon Lopez said his agency has proposed to President Duterte the reallocation of P50 million from the “Pondo sa Pagbabago at Pag-asenso” (P3) program for the purpose.

The P3 is a P1-billion financing program aimed at putting an end to the illegal “5-6” lending scheme nationwide.

“The President was OK with the realignment of the P3 program funds for Marawi financing. Traders there need financing so they can buy and sell goods. If a trader can buy goods worth P5,000, the P50 million budget is a huge amount,” Lopez said.

“We advised the President that although the war in Marawi is not over yet, we can help the evacuees recover by giving them an opportunity to start their business,” he added.

Aside from financing, Lopez said the Department of Trade and Industry (DTI) is looking for ways to provide new sites for these traders.

Lopez said they are studying several areas in Iligan City where shopping centers can be put up.

He said the DTI has asked the managements of Robinsons and SM to provide space at their malls in Iligan exclusively for Maranao traders.

The agency will set up commissaries that will serve as trading places and ensure the availability of products at affordable prices.

Lopez said the facilities would be called “Bangon Marawi Centers.”