Over a thousand ‘Odette’-affected MSMEs would receive DTI’s livelihood cards.
Secretary Ramon Lopez of the Department of Trade and Industry (DTI) said the agency will begin distributing Livelihood Seeding Program (LSP) Negosyo sa Barangay cards to small-scale enterprises in Typhoon Odette-affected areas on Thursday.
Lopez added that the first batch of LSP cards will assist 1,036 micro, small, and medium enterprises (MSMEs) in his report to President Rodrigo Duterte during the Chief Executive’s Talk to the People broadcast late Monday night.
LSP cards worth PHP8.29 million will be distributed to 1,036 MSMEs in Regions 6 (Western Visayas), 7 (Central Visayas), 8 (Eastern Visayas), and 13 till the end of the year (Caraga).
DTI will issue LSP cards worth PHP200,000 to 25 MSMEs in Guimaras, PHP120,000 to 15 MSMEs in Iloilo, PHP560,000 to 70 MSMEs in Negros Occidental, and PHP1.2 million to 150 MSMEs in Bohol in Western Visayas.
A total of 150 MSMEs in Cebu’s municipalities of Carcar, Sibonga, and Aragao would receive LSP cards worth PHP1.2 million, while 90 MSMEs in Negros Oriental’s La Libertad and Guihilungan City will receive LSP cards worth PHP720,000.
The DTI’s LSP cards worth PHP1.34 million will help 168 MSMEs in Maasin, Southern Leyte.
304 Surigao del Norte MSMEs and 64 Dinagat Islands MSMEs will get PHP2.43 million and PHP512,000 in Caraga, respectively.
“In order to save time, our initial distribution will be the first PHP8 million, allowing us to provide livelihood this week.” Then, beginning in January, we’ll use the 2022 budget, which, of course, we hope to be approved,” Lopez said.
Last Monday, the commerce secretary announced that the DTI has granted PHP200 million in livelihood support to Odette-affected MSMEs.
DTI will support 2,000 beneficiaries per province hit by the storm, or PHP20 million per province, with PHP8,000 to PHP10,000 in livelihood aid each MSME, under the LSP Negosyo sa Barangay.
Lopez stated on Monday evening that the DTI’s finance arm, Small Business Corp. (SBCorp), will provide PHP500 million in loans to businesses in typhoon-affected areas.
The loan will have the same terms as SBCorp’s Covid-19 Assistance to Restart Enterprises (CARES) program, which requires no collateral, is interest-free, and has a grace period of six to twelve months.
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