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Manila city gov't to extend capital aid to micro, small businesses

MANILA, Jan. 2 (PNA) -- Manila City Hall this year will start providing capital aid to small entrepreneurs under its Capital Assistance Program (CAP) to boost micro and small enterprises in the city.

Manila Mayor Joseph Estrada said over the weekend that he wants to help the city's micro and small businesses experience continuous financial growth, as micro, small and medium enterprises (MSMEs) are the backbone of the city government’s rapid progress.

“We will give these small entrepreneurs a chance to enhance their businesses, after all, they complement Manila’s economic growth,” Estrada said.

Since 2013 when the CAP was put up, thousands of Manileños have been able to obtain a start-up capital of PHP5,000 to PHP10,000 and open stand-alone stores, food kiosks, and other backyard businesses which earned them extra income.

Estrada however said that this year, he will restructure CAP to include MSMEs that have no sufficient capital to continue their operation or expand their businesses to give them an opportunity to grow and attain financial stability.

”To avail of the capital assistance, would-be beneficiaries should have existing business ventures, regardless of how small they are, and we will help them expand their business operations,” Estrada said.

According to Manila Social Welfare and Development (MSWD) chief Nanette Tanyag, this year’s CAP will be refocused on “enterprise development”.

“Those who make it big can later become cooperatives,” Tanyag said.

Indigent beneficiaries of the current CAP will be shifted to the Modified Conditional Cash Transfer (MCCT) program, she added.

In February last year, 2,624 poor residents were provided with CAP assistance amounting to PHP13.12 million. (PNA)

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