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Empowering MSMEs through DTI-SB Corp’s P3 program

Suyo town is one of the geographically isolated and disadvantaged areas or GIDA in the province of Ilocos Sur.
Due to its location, there are still dead areas within the municipality where phone signals are weak or no signal at all.
With its aim to help its members increase their capital and grow their businesses, the Suyo Multi-Purpose Cooperative (MPC), availed of the loan program of the Department of Trade and Industry-Small Business Corporation (DTI-SB Corp).
Since the application for its loan programs mainly uses the internet, Suyo MPC availed of a P10 million loan, which can benefit 6,000 or 30% of its existing 23,000 members, according to its Business Development Manager Mercy Grace Almazan.
She said it will be more efficient for its members as they won’t have to access the internet anymore to apply as the cash grant will be handed over to them once approved.
“Nais naming i-avail itong programa upang maging tulay para sa mga micro, small, and medium enterprises (MSMEs) na hindi maka-avail directly through the program of DTI. Kasi sa Suyo, mahirap ang signal lalo sa internet at ang application ng programang ito ay through online kaya nais naming i-avail ito upang matulungan ang mga business owners na dadagdag sa capital nila at upang lumago pa ang kanilang negosyo,” she said in a recent interview.

Mercy Grace Almazan of the Suyo MPC in an interview with the PIA during the SB Corp Roadshow on April 14, 2023 in Bantay, Ilocos Sur. (jmcq/pia)

As of June 29, SB Corp said Suyo MPC’s application will be reviewed and validated once they have submitted the additional documents required.
Almazan said it was their first time to avail of the loan program of SB Corp. and that they are hopeful for their application’s approval soon for its micro-entrepreneurs to avail of.
Suyo MPC applied for SB Corp’s Pondo sa Pagbabago at Pag-asenso (P3) program.
What is the P3 Program?
According to DTI, it is a funding program that will provide an alternative source of financing for micro-entrepreneurs that is easy and quick to access.
Under this program, micro-entrepreneurs are provided with affordable and cost-efficient micro loans with 2.5% monthly interest.
Discussing its benefits, DTI Ilocos Sur Provincial Director Rosario Quodala said this program is the department’s counter to 5-6 lending.
"The P3 is our counter to 5-6. So you can get microfinancing, no collateral needed and we just have to have that good business idea, a good running business and you can have this funding from anywhere, from P10,000 to about P200,000," she said in a statement on Friday.
Who is qualified under the program?
Micro entrepreneurs such as market vendors, sari-sari store owners, and stall owners, among others, who are mostly members of cooperatives, are the target beneficiaries of the P3 Program.
As the loan will be exclusively used for business, only those with existing businesses who can pay are eligible to avail of the program.
Where can micro-entrepreneurs avail of the program?
The SB Corp has identified microfinancing institutions (MFIs) or cooperatives throughout the country that serve as conduits for the P3 Program to micro-enterprises.
In Ilocos Sur, there are six existing MFIs, namely Ilocos Consolidated Cooperative Bank, Sacred Heart Savings Cooperative, Santa Cruz Savings and Development Cooperative, Kailian Multi-Purpose Cooperative, Nueva Segovia Consortium of Cooperatives (NSCC) Multi-Purpose Cooperative, and Margaay Multi-Purpose Cooperative.
Interested applicants may also visit the nearest Negosyo Center and DTI regional or provincial offices.
What are the requirements needed?
Recipients should submit their duly accomplished loan application and business registration/DTI business name registration/valid ID/barangay clearance.
For more information, interested recipients from Ilocos Sur may message the Facebook account of SB Corp. at “SB Corp Ilocos Sur” or may visit the nearest Negosyo Center and DTI regional or provincial office/s. (JCR/AMB/JMCQ, PIA Ilocos Sur)

About the Author

Joyah Mae Quimoyog


Region 1

A writer based in the heritage province of Ilocos Sur.

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