MANILA, Philippines- President Ferdinand Marcos Jr. has approved a P4 billion emergency loan program to support micro, small and medium enterprises (MSMEs) affected by the ongoing crisis in the Middle East, Executive Secretary Ralph Recto said Friday.
In a statement, Executive Secretary Ralph Recto said the initiative was part of the comprehensive aid package to help cushion the impact of rising logistics costs, cash flow constraints, and supply chain disruptions on businesses.
“As part of the safety nets not only for the highly vulnerable sectors but for the middle class and small entrepreneurs as well, President Marcos has cleared a program for MSMEs in distress as a result of the global oil shock to avail of easy loans ranging from P30,000 to P20 million each for them to manage rising logistics costs, cash flow constraints and supply chain disruptions,” Recto said.
“The President has envisioned this loan program as a lifeline to MSMEs against the backdrop of limited access to financing, more so at this time of economic challenges sweeping the globe,” he added.
The program, implemented through the Department of Trade and Industry and its financing arm Small Business (SB) Corp., aims to provide accessible credit to affected enterprises to help them sustain operations amid global economic pressures.
Applications may be filed online, and the SB Corp.’s processing for complete submissions is expected to take seven to 10 days.
