DOT launches Turismo Asenso for tourism MSMEs
The Department of Tourism launched a new loan program called Turismo Asenso for tourism-related micro, small, and medium enterprises (MSMEs), offering loans up to PHP20 million.
Tourism Secretary Christina Frasco emphasized the program's aim to empower local businesses by providing low-interest financing to help them expand and improve services.
The initiative follows a memorandum of agreement between the DOT and the Department of Trade and Industry signed in April.
Qualified applicants can borrow up to PHP20 million with an interest rate of 1 percent per month on a diminishing balance basis, and flexible repayment terms are available for up to five years.
Applicants must meet certain criteria such as being Filipino-owned or having at least 60 percent Filipino ownership, maintaining a one-year business track record, and not exceeding PHP100 million in asset size.
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