DTI mulling more funds for typhoon-stricken businesses

INQUIRER FILE PHOTO

The Department of Trade and Industry (DTI) said that it is looking at raising the P2 billion funding it has set aside to help businesses that were hit by tropical storm Kristine.

During the government agency’s Saturday morning program at the DZBB radio station, Trade Secretary Cristina Roque said they will discuss this week whether additional funding is needed for their “enterprise rehabilitation fund”.

“The minimum loan can go as low as P10,000. But the maximum loan is P300,000. So this loan is really mostly to help the micro, small, and medium enterprises,” Roque said.

READ: DTI allocates P2B loan assistance to Kristine-hit MSMEs

Roque said that interested businesses and entrepreneurs can avail of this fund until December 31, 2024.

According to 2020 figures from the Philippine Statistics Authority, 99.51 percent of all businesses in the Philippines are MSMEs, making these entrepreneurs the backbone of the country’s economy.

The head of the DTI made an announcement of the loan facility, citing that it will be zero interest on the first year and will have a one percent interest on the second year

She also said that there is no principal payment or collateral needed as long as the ones availing are typhoon victims.

Businesses or entrepreneurs that are interested in availing of “enterprise rehabilitation fund” can visit the website of the DTI’s lending arm, the Small Business Corporation.

READ: DTI readies relief for biz affected by Kristine

The trade secretary also gave a reminder about the automatic sixty-day price freeze in areas where a state of calamity has been declared.

“This is also strictly monitored, meaning, we are checking this aggressively. Meaning, on a day-to-day basis, they are giving us updates from supermarkets, groceries, convenient stores and other areas or other stores that are selling basic necessities,” she said on Friday during a press conference.

This price control includes essential goods such as rice, corn, bread, fresh vegetables, root crops, pork, beef, poultry, eggs, milk, coffee, sugar, cooking oil, and salt.

Also included in the list are laundry soap, detergent, firewood, charcoal, candles, and certain medicines classified as essential by the Department of Health.

Under the Price Act, the penalties for price manipulation include imprisonment five to 15 years, with fines ranging from ₱5,000 to ₱2 million.

Additionally, those found violating the price ceiling face prison time of one year to 10 years, as well as fines ranging from ₱5,000 to ₱1 million.