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The identified areas are considered among the 30 poorest provinces poorest in the country.

A total of 92 micro borrowers where initially identified to receive loan grants ranging from P5,000.00 to P100,000.00.

Sec. Lopez also reiterated the administration’s desire to provide livelihood to those who are at the bottom of the pyramid.

“Why micro entrepreneurs? The desire and mandate of our president is to help those who do not have much. If they fail to be employed, we help them to start a small business,” he said.

The primary beneficiaries of the P3 Program are microenterprises and entrepreneurs that do not have easy access to credit or accessing credit at a very high interest cost. These include market vendors, agri-businessmen and members of cooperatives, industry associations and co-operators.

The Small Business Corporation, an attached agency DTI shall administer the P3 Program. Aside from creating a Program Management Office to oversee the management and monitoring of the P3 Fund, SB Corporation will make use of its lending network and the DTI Negosyo Centers in reaching out to P3 beneficiaries.

Loan amounts to end-borrowers will be in the range of P5,000 to P100,000, at a maximum interest rate of 2.5% per month, with no collateral requirement.

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