MANILA: The Department of Trade and Industry has announced the availability of PHP2 billion in recovery loans for micro, small, and medium enterprises (MSMEs) impacted by Severe Tropical Storm Kristine. The financing, provided through the agency’s Small Business Corporation (SB Corp.), aims to support business rehabilitation efforts.
According to Philippines News Agency, Acting Secretary Ma. Cristina Roque shared in a Palace briefing that MSMEs affected by the storm, known internationally as Trami, can apply for loans of up to PHP300,000. These loans are part of an enterprise rehabilitation financing program designed to aid businesses in recovering from natural disasters. The loan terms include a zero-interest rate for the first year, followed by a 1 percent yield per month in subsequent repayment years.
Businesses interested in the program can contact SB Corp. via their website, sbcorp.gov.ph, or through email at sbcorporation@sbcorp.gov.ph. Roque emphasized the importance of the loan program in helping MS
MEs rebuild and continue operations after the devastating effects of the storm.
In addition to loan support, Roque urged establishments to comply with a mandatory price freeze on essential goods, as stipulated by Republic Act 7581 or the Price Act. This law prohibits price increases on basic goods for 60 days following the declaration of a state of calamity. Roque assured the public that the Department of Trade and Industry is actively coordinating with retailers to ensure a steady supply of food and necessities in the affected regions.