Pres. Duterte to Replace 5-6 Lending with P1-Billion Lending Program P-3

Pres. Rody Duterte will not only replace the controversial 5-6 lending program with nothing but with a more effective efforts to help the poor. Various news media organization in the country reported only the negative sides of the program without fully reporting the initiatives dubbed as P-3 which involves the P1-billion lending program of the Duterte admin.

The President launched an effort replace the "5-6" money lending system with a government fund called Pondo sa Pagbabago at Pag-asenso (P3) that aims to provide an affordable micro-financing for the country's micro, small and medium enterprises (MSMEs).

Pres. Duterte's program under the Department of Trade of Industry dubbed P3 will pilot this month of January in Mindoro, Sarangani and Leyte provinces. These provinces are included in the list of the Top 30 poorest provinces in the Philippines representing Luzon, Visayas and Mindanao.

According to DTI Sec. Ramon Lopez the P3 program is designed to bring down the interest rate at which micro-finance is made available to micro enterprises.

The fund of Pres. Duterte's program P3 that aims to combat the 5-6 lending scheme will be taken from the 2017 General Appropriations Act (GAA) which was already approved and signed by the President allocating P1 billion for financial assistance, which is also part of the planned P19 billion financing initiative for MSMEs in the next five years.

Pres. Duterte's P3 Fund will be lent out in the business centers of the poorest provinces nationwide (based on poverty incidence), where the participating microfinance institutions (MFIs) and the Small Business Corp. (SB Corp.) can operate.

Meanwhile, Here's the List of the 20 Poorest Provinces in the Philippines which will be prioritize by the P3 Program:

1. Lanao del Sur (ARMM)
2. Sulu (ARMM)
3. Sarangani (Region 12)
4. Northern Samar (Region 8)
5. Maguindanao (ARMM)
6. Bukidnon (Region 10)
7. Sultan Kudarat (Region 12)
8. Zamboanga del Norte (Region 9)
9. Siquijor (Region 7)
10. Agusan del Sur (Caraga)
11. Eastern Samar (Region 8)
12. Lanao del Norte (Region 10)
13. Mt. Province (CAR)
14. Western Samar (Region 8)
15. North Cotabato (Region 12)
16. Catanduanes (Region 5)
17. Leyte (Region 8)
18. Negros Oriental (NIR)
19. Zamboanga Sibugay (Region 9)
20. Sorsogon (Region 5)

Based upon the announcement of DTI and attached agency of DTI and SB Corp., shall administer the P3 Program, including the creation of a Program Management Office (PMO), which will open a separate back account for the P3 Program, to oversee the management and monitoring of fund.

Soure: DTI Official Website

Pres. Duterte to Replace 5-6 Lending with P1-Billion Lending Program P-3 Pres. Duterte to Replace 5-6 Lending with P1-Billion Lending Program P-3 Reviewed by Phil Newsome on 1/12/2017 Rating: 5

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