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STATEMENT FROM THE SB CORPORATION PRESIDENT & CEO MA. LUNA CACANANDO
17th & 18th Floors, 139 Corporate Center, Valero St., Makati City 1227 (632) 751-1888, (632) 8941677 [email protected]

SMALL BUSINESS CORP TO INCREASE VISIBILITY IN PUBLIC MARKETS AND LGU OFFICES

More people need to know that it is the SB Corporation of the DTI that implements the Pondo para sa Pagbabago at Pag-asenso (P-3) program. To address this, we will raise our visibility in population centers, particularly in public markets, city halls, municipal halls, and provincial capitols.

Under the P-3 Program, a micro-enterprise can borrow between P5,000 up to P100,000 depending on its business need and repayment capacity.  Interest rate and service fees, all in, do not exceed 2.5% monthly which is a huge relief from the 20% monthly rate under the 5/6 system.  Documentation is simplified and processing time is reasonable, which makes P-3 a worthy competitor to 5/6 lenders.

The P-3 Program is now in full swing.  To date, with the support of DTI regional and provincial offices, SBCorp has accredited a total of 94 micro finance institutions (MFI) plus another 45 MFIs in the pipeline.  Except for a handful of provinces yet to be served, the P-3 Program is now rolled out throughout the entire country from north to south.

SB Corp is focusing on rolling out the P-3 program as fast and as effective as it can so that the Filipino people get value for money out of the P-3 budget.

Among the goals is to increase absorptive capacity. We have tasked our personnel to improve our work systems and implement the SB Corp. agreement with the Commission on Audit on their most recent set of audit observations. More account officers will be deployed to areas where SB Corp needs to minimize past due rates.

The Small Business Corporation thanks 1-PACMAN Party-list Representative Michael Romero for his trust and confidence in SB Corp and its continuing relevance in the Philippine economy, especially to the poor and middle class who are the ones creating new enterprises nationwide and consequently generating employment for more Filipinos.

House Bill 5540, authored by Rep. Romero, is meant to boost the capitalization of Small Business Corp.  and will significantly improve its ability to serve the poor and middle class who put up and sustain the tens of thousands of sari-sari stores, micro-enterprises, and other small businesses all over the country.

We also welcome his proposal to the DBM to hike to P3 billion the budget for implementation of the P-3 program. With the additional budget, the P-3 will produce even more new entrepreneurs and many new jobs. In 2018, the national government will add P1.0 billion to the current P1 billion P-3 fund in order to support more micro enterprises in growing their small business. (END)

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