The Philippines has a large number of micro and small entrepreneurs with no access to bank financing. To raise money, they turn to usurious informal lenders, including “5-6” financiers who provide cash with minimum fuss but charge at least 20 percent interest every month.
The Department of Trade and Industry (DTI) has developed a program to provide affordable and quick-disbursing loans to small business owners. It’s called the Pondo sa Pagbabago at Pag Asenso or P3 program, which is now available nationwide. Watch this video to find out where you can avail of the P3 loans.