THE Philippine Chamber of Commerce and Industry (PCCI) on Friday said it has signed a partnership deal with the Department of Trade and Industry‘s (DTI) Small Business Corp. (SBCorp.) for a P7-billion loan program to assist micro, small medium enterprises (MSMEs) affected by rising fuel prices.
“This partnership, initiated by Trade Secretary Cristina Roque, makes SB Corp.‘s loan products and services accessible to enterprises in three priority sectors — women-led, export development, and returning OFWs,” PCCI president Ferdinand Ferrer said in a statement.
The program — part of DTI‘s RISE (Resilient, Innovative, Sustainable Enterprises) initiative — offers loans from P30 to P50 million.
Qualified borrowers must be have least 60 percent Filipino-owned businesses with an asset size not exceeding P100 million (exclusive of land), with a good track record of at least one year, and with no past due accounts in SB Corp. programs and no major negative credit ratings.
The loan program may offer a grace period of up to 12 months with no collateral, Ferrer said.
Under the partnership, the PCCI will serve as a conduit in processing and validating the loan application requirements, with local chamber of commerce and industry (LCCI) chapters designated to accept and endorse applications from members in good standing.
PCCI national will oversee the validation of documents submitted by LCCI chapters before forwarding to SBCorp. for inclusion in its database.
“The loan program is not only for PCCI. We are here to help facilitate the screening and processing of documents, making it easier for SBCorp. to accept and confirm applications,“ Ferrer said.
