Cebu allocates an additional P100 million for the ‘Sugbo Negosyo’ initiative
For the second phase of the Sugbo Negosyo, a program that provides much-needed financing to small businesses in Cebu, the provincial government has set aside another PHP100 million.
For the next round of the micro-business support initiative, an additional 13 merchant partners will be added.
The 34 current shops that backed the program’s initial launch last year will be joined by the new ones.
On Wednesday, the Capitol officially signed a memorandum of understanding (MOA) with the Mandaue Chamber of Commerce and Industry’s new partner businesses and authorities, headed by its president Steven Yu.
Governor Gwendolyn Garcia highlighted the first phase of the Sugbo Negosyo, which benefitted over 8,000 businesses throughout the province, as an example of the program’s success.
During the MOA signing in the Capitol Social Hall, she remarked, “We aim for a program that will assist the Cebuanos to help themselves.”
More partner merchants mean that second-round recipients will have more options for shops that can meet their needs – goods and services – for their selected businesses.
Akai Foods Inc., Asian Home Appliance, Atlas Cebu Corn Mill Corp., Agri Bounty Distribution Inc., Charoen Pokphand Foods Philippines Corp., Gaisano Brothers Inc., Gaisano Grand, Jacobs Basic First Venture, Uratex, Pacifica Agrivet, Prince Warehouse Inc., SM Appliance Center, Visayan Educational Supply, and Visayan Educational Supply is among the new partner companies.
As the province recovers from the economic effects of the coronavirus epidemic, Garcia wants the Sugbo Negosyo to be a long-term initiative for small Cebuano businesses.
“The Cebuanos have an indestructible spirit,” she added, adding that the core of Sugbo Negosyo is to enable entrepreneurs to develop and maintain their businesses by providing much-needed cash rather than a handout.
Garcia thinks that the Cebuanos will be able to overcome the difficulties posed by the epidemic.
She recounted how the provincial administration started the initiative with MCCI and the Department of Trade and Industry last September against a “backdrop of economic disaster” when the province and the nation were engulfed in restrictions.
Garcia was previously allowed by the Cebu Provincial Board (PB) to sign a Memorandum of Agreement (MOA) with the Sugbo Negosyo’s partner merchants, which is being carried out via the offices of the 17 PB members and the Office of the Vice-Governor.