MANILA, Philippines--State-run Small Business Corp. said it has lent a total of P109.25 million to micro-rural enterprises in the poorest provinces as part of efforts to increase economic development and reduce poverty in the regions.

At the same time, the Board of Investments said it had granted tax perks to three projects of micro and small enterprises covered by its one-day approval scheme.

The BOI's quick service approval system that took effect last May 30 is aimed at encouraging micro- and small-scale ventures.

Virgilio R. Angelo, SB Corp. chair and chief executive, explained that the firm's loans to rural micro enterprises in 10 of the country's poorest provinces was part of the rural micro-enterprise promotion program (RuMEPP).

RuMEPP is a seven-year program with an $18.53-million funding from the International Fund for Agricultural Development.

RuMMEP targets micro-enterprises in 19 provinces in the country's five poorest regions, namely Cordillera Administrative Region, Bicol, Eastern Visayas, Soccsksargen and Caraga.

Angelo said that among the target regions, Caraga in Mindanao--particularly the provinces of Agusan del Norte, Agusan del Sur, Surigao del Norte and Surigao del Sur--received 76.8 percent or P83.85 million of the loan releases.

Albay, Camarines Sur and Catanduanes were able to access P3.8 million while Leyte, Biliran and Northern Samar received P19.3 million.

"Beneficiaries of the loans are rural enterprises engaged in trading, handicraft, food processing, transportation and services," Angelo said.