Leyte Representative and Vice Chairman of the House Committee on Banks and Financial Intermediaries Henry Ong has urged the Department of Trade and Industry (DTI) to widen the coverage of the Pondo para sa Pagbabago at Pag-Asenso (P3) program for it to reach more teachers, street vendors, and construction workers.
Ong also lauded the DTI for its collaboration with PLDT-owned tech firm FinTQ which paved way for micro, small and medium enterprises (MSMEs) to have access to the P3 program through digital lending platform Lendr. The government has allocated P1 billion per year to finance the program.
“We need more of this kind of way to give our countrymen easy access P3 loans. The tie-up with FINTQ on Lendr is a good start. Area and clientele coverage though has to improve fast,” Ong said.
Ong also asked the DTI to give financial assistance to other sectors through low-interest loans.
“Vendors on the streets and public markets, sellers of newspapers and cigarettes, and construction workers are among the people who need P3 loans,” he said.
“Public school teachers and students could also be offered P3 loans because their families need all the financial support they can get,” he added.
The three pilot areas of the P3 program include the provinces of Tacloban, Oriental Mindoro, and Sarangani.