Pandemic-affected micro-entrepreneurs in Iloilo and OFWs benefit from soft loans – Manila Bulletin
ILOILO CITY — Micro-entrepreneurs and Filipino Overseas Workers (OFWs) displaced in Iloilo province can now benefit from subsidized loans to revive their livelihoods that have been affected by the COVID-19 pandemic.
Led by Governor Arthur Defensor Jr., the Iloilo Provincial Trade, Investment and Cooperative Development Office (Iloilo PTICDO) presented a check for over one million pesos to 10 micro-entrepreneurs and two OFWs moved on Thursday, February 17.
The assistance is part of the EMBRACE program (Expanded Micro Business Recovery Assistance during Crisis and Emergency).
“It will pump our impacted businesses,” Defensor said.
Iloilo 4th District Provincial Council Member Rolando Distura, who authored the provincial ordinance, explained that the EMBRACE program can help both affected sectors in any of the 42 component towns or cities of Passi.
Any OFW or micro-entrepreneur can benefit from a loan from P20,000 to P100,000.
Although there is a three percent processing fee, Distura said there is no interest rate. Debtors can pay within two years with a grace period of six months.
The Iloilo provincial government has allocated 15 million pesos for a three-year period, with each of the five congressional districts receiving 3 million pesos.
The Local Economic Development Investment Promotion Center (LEDIP) is in charge of loan processing.
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