Tulungan sa puhunan: Pia Cayetano bats for microfinance program for MSEs
To realize the full economic potential of micro and small enterprises (MSEs), Senator Pia Cayetano has filed the “Tulong Puhunan Bill” to institutionalize microfinance programs for small businesses in the country.
The proposed measure seeks to give people access to capital with low interest and simplified procedures that will enable them to start or sustain their own means of livelihood.
Cayetano said the bill draws inspiration from the Presyo, Trabaho, Kita (PTK) program that her brother, former senator and now Taguig City Representative Alan Peter Cayetano, started in 2013.
“We saw through the success of PTK program how trust and a humble amount could go a long way to empower small organizations and help its members. We hope to institutionalize this practice through Tulong Puhunan,” the senator said.
The bill also seeks to create the Tulong Puhunan Loan Program which will cater exclusively to MSEs in need of capital ranging from P10,000 to P250,000 with no required collateral and with interest not higher than prevailing bank rates.
“With the programs in place, enterprises would no longer need to borrow from usurious ‘5-6’ lenders, and instead benefit from inclusive growth through efficient and effective access to loan facilities,” Cayetano stressed.
MSEs comprise 99 percent of business enterprises and contribute more than 60 percent of jobs generated by all business enterprises.