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Pondo sa Pagbabago at Pag-asenso (P3) to go nationwide
Micro entrepreneurs around the country will now have access to cheap and easy credit as the Pondo sa Pagbabago at Pag-asenso (P3) will now be made available nationwide on May 31, 2017. DTI Undersecretary for Regional Operations Zenaida Maglaya said the administration’s brainchild of micro-finance facility encourages micro entrepreneurs to borrow money from P3 that will help them finance their businesses. “P3 is intended to help the underprivileged Filipino entrepreneurs who want to grow their businesses. With this program, they can access cheap and easy credit without any hassle. After filling out a half-page application and presenting necessary documents, the money can be released within the day,” Maglaya explained. With sufficient funds to provide to borrowers, the Department of Trade and Industry (DTI) and its micro-financing arm Small Business Corporation (SB Corp) will lead the implementation that will assist micro entrepreneurs financially and enable them to grow their businesses. Being the administration’s program to provide an affordable micro-financing for the country’s micro entrepreneurs, the P3 funding program provides micro enterprises an alternative source of financing that is easy to access and made available at a cheapest cost. “After we’ve launched the P3 in Tacloban, Occidental Mindoro, and Sarangani in January 2017, P3 is now going nationwide. We hope this will encourage micro entrepreneurs to patronize the government’s program so we can eliminate loan sharks,”Maglaya said. National conduits and local Micro-financing Institutions (MFIs) have already been accredited by the SB Corp to assist in distributing the funds to micro entrepreneurs. The national level conduits are Radiowealth Finance Company (RFC), Taytay sa Kauswagan, Inc. (TSKI), and Mindanao Alliance of Self-Help Societies... read moreLopez calls for an MSME-friendly IP regime
Reiterates relevance of innovation in MSME development MAKATI—Instead of rebellion, an innovative, inclusive entrepreneurial revolution is what the Philippines currently needs, the country’s trade chief said. Speaking at the launch of the National IP Strategy of the Philippines (NIPS) on 30 May, Department of Trade and Industry (DTI) Secretary Ramon Lopez endorsed the new strategy for intellectual property (IP) protection that can help incentivize existing and aspiring Filipino micro, small and medium entrepreneurs (MSMEs) to contribute in developing a more innovative, creative and economically-dynamic Philippines. “In today’s knowledge economy, intellectual property is undoubtedly an invisible advantage,” said Sec. Lopez, referring to IP as an important vehicle that spurs economic growth, which can help the government in its thrust to alleviate poverty and to realize shared prosperity for all. With the new IP protection strategy, the government lays the foundation to address the need to safeguard original, innovative and creative ideas of both MSMEs and bigger stakeholders against different forms of IP theft and piracy. According to the trade chief, without the protection and recognition of a well-functioning IP system, innovative and creative undertakings may be impeded, slowing down the steady stream of competitive products and services in the market. IP and innovation Sec. Lopez said that there is a need to assess research and development initiatives if the Philippines wants to become an active player in the innovation game, adding that innovation is a potential area of improvement where the NIPS strategies would be relevant. “Innovation should not only be for the big guys. We have to make innovation as a general mindset for our MSMEs,” he... read more