2,000 MSMEs in Cebu availed P3 program
A total of 2,318 MSMEs in Cebu were among the 52,679 microfinance clients who benefitted from P3 program nationwide.
Among them is Geneve Gerusa, a wholesaler store owner, who does not regret her decision to avail the program that benefit her to expand her small sari-sari store.
Geneve is a member of CARD, Inc., a microfinance NGO, and a member institution of CARD MRI.
“It is one of the smartest decisions I made,” said Geneve Gerusa,” I only pay as low as 2% per month for the loan and used the money as an additional capital to expand my store at Mercado, Mandaue City.”
She added that their account officer introduced the government’s P3 program,” What caught our attention is the low interest rate that is offered to us, and then she shared that CARD supported the government’s program.”
“Before, when I needed extra cash, I borrowed from loan sharks who charge a very high interest rate of up to 20% per month,” she confessed.
She also shared that approaching these loan sharks wasn’t a good move, they buried the small vendors in so much debt,”I recall also when these loan sharks get appliances from you as collateral.”
Geneveve is on her second month of paying her P3 loan from CARD, “I am very much interested to renew my loan so I could use it for as an additional capital for my growing business.”
The P3 program
The Pondo sa Pagbabago at Pag-asenso (P3) program of the Department of Trade and Industry is supported by CARD, Inc. to draw away micro and small businesses from informal lenders.
Since 2017, CARD, Inc. has been the government’s partner in strengthening the access of community members to the P3 program.
Said Flordeliza L. Sarmiento, CARD MRI Managing Director,” This partnership with DTI’s program is suited with CARD’s mission of ensuring the growth of the businesses of entrepreneurs and ending poverty in the country.”