Due to the ongoing pandemic, businesses have been disrupted around the country. Some businesses have been lost for good while others in suspension. The majority of the country’s businesses comprise micro and small businesses. Now, with the government slowly reopening its economy, said businesses will need financial help to get them back to their feet.
As part of the effort to help businesses, the Department of Tourism (DOT) and the Small Business Corporation (SBC) finalized CARES for TRAVEL program through a signed Memorandum of Agreement. The program is called the Tourism Rehabilitation and Visualization of Enterprises and Livelihood. The objective of the program is to provide loans for micro, small, and medium enterprises.
“We look forward to working with the SB Corp. in providing our tourism enterprises with what they need — access to working capital loans. The DOT believes that this program will accelerate the country’s tourism recovery from the harsh impacts of the pandemic. By working together, we can hopefully bring tourism, an industry that contributed 12.7 percent to the country’s 2019 GDP, back to its glory days,” Bernadette Romulo-Puyat, the Department of Tourism (DOT) secretary, thanked the Department of Trade and Industry (DTI) Secretary, Ramon M. Lopez.
With this new CARES for TRAVEL program, borrowers can take out a loan with no interest and no collateral. The loan term length of up to four years with an added 1 year grace period. However, there will be a service fee. In a four year loan, the maximum will be 8%.
The SB Corp, will play the role of evaluating and processing loan applications of MSMEs that are accredited by the Department of Tourism (DOT). At the same time, the DOT will vet businesses (including LGU-accredited businesses). This is to make sure that applicants are qualified for the loan.
All the while, the SBC will also submit reports to the DOT as required by Republic act 10173 or the Data Privacy Act of 2012.
However, not all financial programs are aimed at businesses, in Tacloban City, Borongan, Eastern Samar. The CSWDO has begun distributing cash allowance for the senior demographic of the city, scheduled monthly. So far 494 beneficiaries have already received their allowance.
The recipients will receive PHP 250.00 or $5.14 (as of the writing of this article). This effort was made possible by the City Social Welfare and Development Office (CSWDO) and the Office of the Senior Citizens’ Affairs (OSCA), the latter of whom pushed for Ordinance No. 175 to benefit the senior citizens of the city.
Mayor Jose Ivan Dayan Agda stated that the program is now permanent.
“Regardless of whoever will lead the city in the future, this has been institutionalized and will be a permanent program for senior citizens. As of now, the distribution is ongoing while we ensure minimum health standards are observed.”
Loan alternative to government programs
People who are not qualified to enter any of these government programs can always opt for an alternative. Robocash is a great way to obtain a loan, especially during an emergency. The requirements are not as strict as what a bank would require. If anything, Robocash has been ahead of the game for a long time now with the basic requirements and cash loan philippines no collateral. However, borrowers are advised to pay back their loans as soon as possible and avoid delays if necessary.
The requirements for getting a Robocash loan are easy to accomplish:
Some of the conditions for loan applications are as follows:
1. If the applicant is a senior citizen, he or she must be 70 years old or below with another source of income. A monthly pension does not count so there must be another besides it. The work can be anything such as a business or a freelance job.
2. The applicant has to be at least 21 years old to apply.
3. Must have at least two government-issued IDs.
4. If applicants are acquiring a loan for an existing business, a Department of Trade and Industry (DTI) certificate is required.
Borrowers who need more information about the types of loans available can read about it at the Robocash.ph
Donate to IndiePulse Music Magazine’s Academic and Music Education Scholarship Program HeartBeat4Kids
IndiePulse Music Magazine creates Scholarships to help Youth In Need of assistance to complete their educational goals and stay in school.