MANILA - Trade Secretary Ramon Lopez on Saturday said the Department of Trade and Industry (DTI) was anticipating this month thousands of micro, small and medium enterprises to tap into its loan facility aimed at helping businesses affected by the COVID-19 pandemic.
This, as businesses gradually reopened with the easing of quarantine measures across the country.
"We expect na may approval tayo na 1,000 borrowers by end of June, and by end of July, hopefully 'yung total loan package natin ma-distribute na natin, mapautang na natin," said Lopez during the Laging Handa briefing Saturday.
(We expect to approve 1,000 borrowers by end of June, and by end of July, hopefully our total loan package can already be distributed, loaned out.)
He said the P1-billion fund for the loan program could be disbursed in two months.
The DTI's Small Business Corp had set aside such amount for loans of P10,000 to P500,000 to business owners, depending on the size of their businesses. It earlier said that it would start processing loan applications on June 1.
The program started on May 25, and since then P15 million in loans has been released.
Businesses across the country had been shuttered for months starting March as government enforced lockdowns to keep people at home in a bid to contain the coronavirus pandemic.