THE CITYY government of Mati in Davao Oriental is planning on offering a PHP20-million stimulus package for micro and small businesses in the city, which are affected by the 2019 coronavirus disease (Covid-19) pandemic.
Ben Jason Tesiorna, Mati information officer, told the Philippine News Agency (PNA) on Wednesday the city government is currently working on the details of the loan program.
“The stimulus package aims to help distressed businesses due to the Covid-19 pandemic. Micro and small businesses will be allowed to borrow as much as PHP200,000 as startup capital without interest,” Tesiorna said.
He said Mayor Michelle Rabat has convened a Technical Working Group (TWG) to formulate an economic recovery plan.
“The aim of the TWG is to craft a recovery plan for economic resilience to improve the city’s economy to recover from shocks brought about by the Covid-19 pandemic,” Tesiorna said.
Tesiorna said the TWG already formulated requirements and guidelines for the stimulus package but still needs to be approved.
"Such guidelines like detailed business plan containing business profiles, loan purposes, projected loan proceeds expenditure, expected ROI, and possible ways of re-payments. Banks will also be requested to formulate guidelines taking into account that the city government will serve as a guarantor before signing the Memorandum of Agreement (MOA) with them," he explained.
Mayor Rabat said she hopes the project helps small businesses to venture into new opportunities like food and other businesses essentials during the health crisis.
“It was also suggested during the meeting that the hotel and resorts must have an association for easy access to opportunities because now they were able to realize that they don't need to compete but collaborate with one another,” she said.
The Department of Trade and Industry (DTI) says micro-businesses are those with an asset size equal to or less than PHP3 million and employing one to nine workers while small businesses are those with asset size of more than P3 million but less than PHP15 million and employing ten to ninety workers.
Ben Jason Tesiorna, Mati information officer, told the Philippine News Agency (PNA) on Wednesday the city government is currently working on the details of the loan program.
“The stimulus package aims to help distressed businesses due to the Covid-19 pandemic. Micro and small businesses will be allowed to borrow as much as PHP200,000 as startup capital without interest,” Tesiorna said.
He said Mayor Michelle Rabat has convened a Technical Working Group (TWG) to formulate an economic recovery plan.
“The aim of the TWG is to craft a recovery plan for economic resilience to improve the city’s economy to recover from shocks brought about by the Covid-19 pandemic,” Tesiorna said.
Tesiorna said the TWG already formulated requirements and guidelines for the stimulus package but still needs to be approved.
"Such guidelines like detailed business plan containing business profiles, loan purposes, projected loan proceeds expenditure, expected ROI, and possible ways of re-payments. Banks will also be requested to formulate guidelines taking into account that the city government will serve as a guarantor before signing the Memorandum of Agreement (MOA) with them," he explained.
Mayor Rabat said she hopes the project helps small businesses to venture into new opportunities like food and other businesses essentials during the health crisis.
“It was also suggested during the meeting that the hotel and resorts must have an association for easy access to opportunities because now they were able to realize that they don't need to compete but collaborate with one another,” she said.
The Department of Trade and Industry (DTI) says micro-businesses are those with an asset size equal to or less than PHP3 million and employing one to nine workers while small businesses are those with asset size of more than P3 million but less than PHP15 million and employing ten to ninety workers.
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