Senator Alan Peter Cayetano urged stronger government support for Micro and Small Enterprises (MSEs) with the Senate Committee on Trade, Commerce and Entrepreneurship’s approval of the Pondo sa Pagbabago at Pag-asenso Act (P3).
Cayetano has pushed for the P3 Act for easier access to affordable financing and resources for MSEs, building on the existing Department of Trade and Industry (DTI) program.
The measure was recently filed as Senate Bill No. 2985 under Committee Report No. 528.
It includes new provisions for cash assistance and capacity-building programs aimed at improving MSE operation and competitiveness.
“If we empower them by offering a loan that still respects their dignity, then this is an effective way to open more opportunities.”
“These enterprises employ more than 80% of our workers. If we empower them by offering a loan that still respects their dignity, then this is an effective way to open more opportunities and finally eradicate the chains of poverty that beset a lot of our fellow Filipinos,” the veteran legislator explained.
These new features were inspired by Cayetano’s PTK (Presyo, Trabaho, Kita/Kaayusan) program launched in 2013, which has helped thousands of Filipinos nationwide by offering quick and easy access to capital through low-interest loans.
Among the PTK program beneficiaries are tricycle and jeepney drivers, operators, farmers, fisherfolk, market and ambulant vendors. These groups have made the most of the program and improved their livelihood.
DTI’s P3 Program, which started in 2017, has already released P23.50 billion in cumulative loans to 437,561 microenterprise borrowers nationwide.
“It is time to give them the support they deserve to build businesses that can stand the test of time.”
“The heart of this effort is to ensure that no Filipino entrepreneur is left behind. It is time to give them the support they deserve to build businesses that can stand the test of time,” the seasoned lawmaker concluded.
