The Department of Trade and Industry (DTI) in Negros Oriental is now offering two loan windows for overseas Filipino workers (OFWs) and micro, small and medium enterprises (MSMEs) to cushion the impact of the Middle East crisis.
Krystle Jade Bato, DTI-Negros Oriental spokesperson and head of the Consumer Protection Division, told the Philippine News Agency April 14 that the new loans were introduced last week.
“SB Corporation, the financing arm of DTI, informed us last week of the OFW Negosyo Fund and the MSME Business Fund, for those who have been displaced by the Middle East conflict, provided they meet the requirements,” Bato said.
The OFW Negosyo Fund is accessible for overseas workers affected by the Gulf conflict and can also be availed of by a family member on their behalf.
OFWs looking to start a business can access a loan of up to P300,000, while established businesses with at least one year of operation can secure up to P20 million with collateral.
Bato said new borrowers can access a P3-million collateral-free loan, whereas existing borrowers may secure up to P5 million.
She highlighted that a loan can only be obtained if an applicant secures a mayor’s permit and fulfills other business criteria.
Borrowers for both types of loans are given a grace period of one year before they start paying, she added.
Some applicants have already appeared this week at the DTI office in Dumaguete City to apply for the loans.
The DTI has set aside a budget of P4 billion for the new loan options.
Meanwhile, the DTI conducted price and supply monitoring of basic necessities and prime commodities (BNPCs) under its jurisdiction in different LGUs in Negros Oriental.
These on-the-ground inspections, from April 6-10, aim to ensure that essential goods remain available, properly priced, and compliant with existing regulations amid rising global fuel and energy costs, the department said in a statement.
The monitoring included checking of retail prices against the official Suggested Retail Prices (SRP), availability and stock levels of basic goods, compliance with proper price tagging and labeling, and Fair Pricing practices.
The DTI has jurisdiction over processed canned fish like sardines and tuna, bottled water, instant noodles, instant coffee, powdered milk, loaf and pandesal, powdered and liquid detergent, bath soap, salt, candles, vinegar, soy sauce, and batteries.
It urged consumers to always check price tags before purchasing, compare prices with the SRP guide that is valid until the end of this month, keep receipts for reference, and to report overpricing or violations to DTI hotlines 0917-300581. ||
