THE trade department has delivered a total of P11.5 million of loans to wounded soldiers and families of those killed in action during the siege of Marawi City.
In a recent news release, the Department of Trade and Industry (DTI) reported it remitted 159 of the 186 approved loan applications as of last Tuesday. The interest-free loans, availed by those who fought for the flag in Marawi City, were coursed through the Pondo sa Pagbabago at Pag-asenso (P3) program.
“[The] DTI acknowledges the ultimate sacrifice made by our soldiers who fought and died during the Marawi siege. This zero-percent interest microfinance loan dedicated for them is just one of President Duterte’s ways to thank our heroes,” Trade Secretary Ramon M. Lopez said.
“We, at [the] DTI, are very happy of the turnout. It shows that many of our soldiers will now be able to start their businesses and be part of the entrepreneurial revolution.”
Total approved applications amounted to P13.4 million. According to the DTI, most of the loans were applied by wounded soldiers.
The DTI, citing the Small Business Corp., disclosed 111 of the 186 approved loans were filed by soldiers and families residing in Marawi City.
A total of P6.9 million was released to them. On the other hand, some P4.5 million was granted to 64 wounded soldiers and families of killed in action living outside the Islamic town.
The loans were authorized under the equity and loan agreement signed in February by the DTI with the Department of National Defense and the Armed Forces of the Philippines (AFP). The special P3 program was allocated with P50 million, with the objective of providing livelihood and fund assistance to wounded soldiers and families of those killed in action.
Borrowers can avail themselves of interest-free loan of up to P100,000 if paid within two years. If they go beyond that period, they will have to pay the loan with an interest rate of 2 percent per annum.
On top of the P3 program, wounded soldiers and families of killed in action were given free entrepreneurial seminars by the DTI to guide them in starting up a business. Various trainings were conducted in Marawi City, as well as at the AFP Medical Center in Quezon City.