Malacanang announced on Tuesday that PHP2 billion fund has been allotted for the development of the country’s micro, small and medium enterprises (MSMEs).
During a Palace press briefing, Presidential Spokesperson Harry Roque said the money will be used for two programs that the Department of Trade Industry (DTI) has designed to develop the MSMEs.
“This is to inform our entrepreneurs or those who wish to open small business that a total of PHP2 billion will be allotted two programs of the DTI,”
Roque said PHP1 billion will go to “Pondo sa Pagbabago at Pag-asenso” micro loan program while the other PHP1 billion will be used for shared facilities, equipment project of the DTI for MSMEs.
He said the DTI noted that the PHP1 billion allocation for micro loan program aims to generate more loan packages for micro entrepreneurs.
The ‘Pondo sa Pagbabago at Pag-asenso’ is the DTI’s flagship micro loan program with the goal of reducing 5-6 lending scheme.
President Rodrigo Duterte had pledged support for MSMEs which comprise at least 95 percent of the country’s business establishments.
Meanwhile, Roque announced in the same media briefing that the country’s agriculture product has recorded an increase of 3.95 percent in 2017.
He said the crops subsector contributed the highest percent in the total production of 51.20 percent followed by followed by livestock subsector with 17.78%, and poultry subsector with 15.4%.
“The growth in the agricultural production has a gross value of PHP500.4 billion, which is 9.27% compared to 2016 gross value,” he added.
He said reported the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) have achieved significant accomplishments in their 2017 collections.
The BIR collected a total of PHP1.777 trillion which is 97.18% higher than its revenue goal of PHP1.829 trillion.
On the other hand, the BOC collected PHP457.553 billion which 97.7% of its 467,896 billion revenue target.
“So they are almost a 100% of their target. Revenue generated will redound to better anti-poverty and infrastructure programs for the country,” Roque said.