AROUND 400 micro, small and medium enterprises (MSMEs) were affected by Severe Tropical Storm Kristine, Acting Trade Secretary Cristina Roque said on Monday.
She reiterated that the government had set aside a total of P2 billion in funds to allow the MSMEs to recover, with up loans of up to P300,000 each to be made available,
“Every time there’s a calamity, we always tend to forget that the businesses are also affected by storms like this or by calamities,” Roque said in a TV interview.
“So now the DTI (Department of Trade and Industry) has come up with a program which will really help the MSMEs.”
The affected enterprises are mostly located in provinces in Luzon, including Albay, Batangas, Camarines Norte, Camarines Sur, Catanduanes, Cavite, Cotabato, Calbayog, Dagupan, Ifugao, Laguna, Masbate, Samar, Sorsogon, Quezon, Quezon City in Metro Manila, and even some towns in Eastern Samar in the Visayas.
The DTI said that it was actively monitoring the situation and that the count of affected MSMEs was expected to increase.
The three-year recovery loans, to be offered through the Small Business Corp. (SB Corp), offers zero interest for the first year. Eligible businesses can apply for loans as low as P10,000.
Roque said that the application process had been made easier, only requiring basic documentation such as business registrations and proof of operation in the affected areas. She also encouraged all eligible MSMEs to take advantage of the support programs to help rebuild their businesses.
The DTI, meanwhile, has ordered a 60-day price freeze on basic commodities in areas declared as under a state of calamity. Roque said this would prevent profiteering and ensure that essential goods remain accessible.
The Trade department said that it would monitor compliance to protect consumers.
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