The city government here has allotted a total budget of PHP200.8 million for the city’s…
TAPI provides P16-M to assist MSMEs in commercializing innovation.
Micro, small, and medium-sized enterprises (MSMEs) can now market their ideas with the help of an initial PHP16 million from the Technology Application and Promotion Institute (TAPI) for this year.
“It (the allocation) may be increased based on the amount of money available. According to the findings of a committee’s evaluations, the amount of aid per project will vary, TAPI Director Marion Ivy Decena told the Philippine News Agency on Thursday.
According to Decena, the assistance came from TAPI’s Venture Financing Program (VFP).
She made it clear that the financing must be repaid within a year, with a maximum grace period of six months.
“The lending aid has no collateral and no interest. We are encouraging our MSMEs to participate in the program, she added, noting that loan applications are processed in the order they are received.
On May 6, TAPI launched the call for proposals for this year’s VFP, with a May 31 at 5 p.m. deadline.
Project submissions in the areas of food processing, furniture, gifts, housewares, decor, agriculture, marine, and aquaculture, metals, and engineering, information and communications technology, medicines, and health products would be given priority, according to the head of TAPI.
Decena stated that the loan amount must not exceed PHP2 million and must be equal to 70% of the proponent’s required capital for commercialization.
According to her, TAPI was able to provide PHP8.6 million to support 13 initiatives last year.
The VFP is open to MSMEs owned and operated by Filipinos that have been in business for at least three years, according to the Department of Science and Technology (DOST).
Proponents must be legally established single proprietorships, companies, partnerships, or cooperatives with at least 60% Filipino-owned stock.
A technology-based business that meets the following criteria qualifies as a proponent: it must have an active intellectual property filing, adopt technology developed or sponsored by DOST, have previously or currently benefited from DOST, or be a licensee of technology.
The DOST added that suggested ideas ought to be in the commercialization stage right now.
On TAPI’s website, you may see the program rules.
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