CARD adds P100-M fund for P3 program; 20K MSMEs to benefit nationwide
In the photo are (L-R) Small Business Corporation Treasury Group Head Juliet Calimlim, VP of Small Business Corporation Melvin E. Abanto, DTI Secretary Ramon Lopez, CARD MRI Founder and Chairman Emeritus Dr. Jaime Aristotle B. Alip, CARD MRI Managing Director Flordeliza Sarmiento, CARD, Inc Executive Director Jocelyn Dequito, and CARD MRI Director for RMU, Partnerships, and IG Jean Pauline B. Landicho.
The Center for Agriculture and Rural Development (CARD), Inc. (A Microfinance NGO) pledged another P100 million fund as it renewed its partnership with the Department of Trade and Industry (DTI) on Friday, October 5, in support to the Pondo sa Pagbabago at Pag-asenso (P3) program.
The renewed commitment will benefit at least 20,000 micro, small and medium enterprises (MSMEs) nationwide with an alternative source of funding that is accessible and made available for them.
Since 2017, CARD, Inc. has been a partner of DTI in strengthening the access of market vendors and agri-business owners to the P3 program. As of August 2018, CARD, Inc. is supporting more than 39,000 MSMEs under the program.
“With this initiative, more aspiring entrepreneurs will be given the chance to establish their own business without lending capital from loan sharks or agencies with 5-6 scheme charging oppressive interest rate,” said Dr. Jaime Aristotle B. Alip, founder and chairman emeritus of CARD Mutually Reinforcing Institutions (CARD MRI) where CARD, Inc. is a member institution.
At the MOU signing, DTI Secretary Ramon M. Lopez congratulated CARD, Inc. on the successful implementation of the P3 program.
“We thank CARD for its unwavering commitment to help the government in empowering our MSMEs, encouraging more Filipinos to become entrepreneurs, and alleviating poverty in the country,” said Sec. Lopez.
The same initiative, increased outreach
CARD, Inc. will still use its own fund to complement the implementation of government’s P3 program. “The outreach will also not be limited to farmers, vendors, and microentrepreneurs like sari-sari store owners, wet market, and sidewalk vendors,” said Jocelyn D. Dequito, executive director of CARD, Inc.
Potential clients may avail at least P5,000 loan up to P100,000 with an affordable interest rate payable in 12 months maximum on a daily or weekly basis. The conduct of orientations, validations, microenterprise development and livelihood trainings, and financial literacy to beneficiaries, accordingly to Dequito, are aligned with the existing programs of CARD, Inc.
“We will continue to maintain the implementation of the program consistent with our regular microfinance services that is fast, convenient, and with minimal documentation requirement processing,” added Dequito.
Brighter tomorrow
Both houses in Congress have pending bills that aim to institutionalize the P3 Program, and these are Senate Bill No. 2017 or “An Act Providing a Socialized Microfinancing Program thereby Promoting Entrepreneurship” and House Bill No. 7446 or the “P3 Act” filed in the lower house.
These bills ensure that the financing program for the underprivileged Filipinos will go on despite turn-over or changes in government leadership.
“This is another milestone as we continue our drive to empower our MSMEs. Through these bills, we will be able to assist more entrepreneurs to have easy access to P3 loans that come in one-form, one-day processing, and don’t require any collateral, especially those in the countryside,” Sec. Lopez added.
The Managing Director of CARD MRI Flordeliza L. Sarmiento also assured everyone that CARD MRI will do its best in making sure that the implementation of the program will continue to generate positive results.
“The first funding was able to reach more MSMEs. This is what we also look forward to now. May this collaboration continue to transform dreams into a reality,” added Sarmiento.
When CARD was established in 1986, its dream is to provide access to landless poor women in San Pablo City, Laguna. “Providing families with access is always the first step to poverty eradication,” said Dr. Alip, adding that access enables every family have the capacity to own assets, invest in business, and save for their future.
DTI and CARD, Inc. both aim to improve the quality of life of the disadvantaged individuals by providing them access to the services of microfinance institutions.