Gov't fights money lenders 

with loan at 2.5% interest 

TALIBON, Bohol, October 18 (PIA)--When the usurious money lending rates allegedly contribute to the escalating cost of fish in Bohol, the government has a response. 

Enter Pundo para sa Pagbabago at Pag-asenso (P3), revealed Office of the President's Participatory Governance Director Wendell Cabrera, to fishermen group members gathered at the turn-over of a multi-million fish hub in San Francisco Talibon. 

Accessible through the Department of Trade and Industry (DTI) and its micro financing arm, P3 provides micro, small and medium enterprises an easy access to capital, in an effort to bring down the high interest rates of capital available from private investors, Director Cabrera summed. 

When lending companies allow MSMEs capital at high interest rates, the P3 gives their financing at an super low 2.5% rate per annum, collectible on easy schemes like daily or weekly when necessary, Dir. Cabrera who spoke in Cebuano told the fishermen gathered there. 

Amounts to be borrowed can be as low as P3,000 to P100,000 with no collateral requirement, he hinted. 

In Bohol, 5-6 money lenders operate on a 20% daily interest and hit fishermen who need cash to buy gasoline and fishing supply and gear. 

According to the DTI, P3 has a P1 billion fund from the Office of the President which can be accessed through the SB Corp. 

The SB Corp accredits partner institutions such as non-bank micro-financing institutions (MFIs), cooperatives and associations to serve as conduit for the P3 funds, making the collection of payments efficient. 

Coming in to also introduce the office which is under the Office of the President, Dir Cabrera said the OPG also helps bring the good news to the poor and under privileged. 

He shared that President Rodrigo Roa Duterte's pro-poor projects also include an under-utilized Libreng Gamot Para sa Mahirap."

A project coursed through the Department of Social Welfare and Development (DSWD), through Libreng Gamot, hospital bills from P5,000 to P75,000 can be funded by the government, he shared. 

"With a minimal requirement, Libreng Gamot works," he asserts as he personally tried to facilitate a beneficiary into getting the much needed assistance. 

"All you need to submit is a Certificate of Indigency from the DSWD, medical abstract from the hospital and the doctor's prescription, and you're good to go," Dir Cabrera said. 

"And the good thing," he continued, "Boholanos can now avail of this at the Gov Celestino Gallares memorial Hospital."

I hope you all will take advantage of this as the DSWD has only used up P200 million of the P1 billion budget allocated for last year, while several poor people get indebted for falling sick, Cabrera urged. 

The programs are part of the government move to realize the President's campaign promises in participatory governance and providing the poor in the grassroots an access to these facilities. (rahc/PIA-7/Bohol)

OPG Director Wendell Cabrera shares the good news about the government's micro financing program which fishermen could use if only to ease them out of poverty and bring the cost of fish down, during a CLFC turnover ceremonies in Talibon. (rahc/PIA-7/BOhol)