MANILA - The government is preparing livelihood assistance for businessmen affected by weeks of fighting between troops and Islamic State-inspired extremists in the south, Trade Secretary Ramon Lopez said Friday.
On top of the P5,000 assistance, Marawi residents can also avail of an additional P5,000 to P300,000 borrowing under the Pondo Para sa Pagbabago or Pag-asenso or P3, Lopez said.
"It’s really heavy on financing more training and seminars on livelihood and entrepreneurship. Hopefully we’ll be able to rebuild the public market," Lopez said.
The government has budgeted P1 billion this year for micro-entrepreneur loans to help spur the economy and wean businessmen away from "5-6" lenders who charge exorbitant interest rates.