DTI secures P1B for CARES MSME loan program

The DTI has secured an additional P1 billion from Land Bank of the Philippines and Development Bank of the Philippines for its CARES program, which provides zero-interest loans to micro, small, and medium enterprises affected by the pandemic.

Initially, the fund was only P1 billion but SB Corp., the financing arm of the DTI, had received loan applications worth more than P3.5 billion.

The new funding will be available starting next week and could help process pending applications.

DTI Secretary Ramon Lopez also mentioned that an additional PHP5 billion would be sufficient to sustain the program for now.