PGMA extends another support to micro-finance, SMEs
Manila (19 November) -- President Gloria Macapagal-Arroyo has recently distributed checks to 11 small and medium enterprise businessmen in view of the government's continued support to microfinance.
The distribution of checks, with amounts ranging from P15, 000 to P30, 000, was in time with the awarding ceremonies for the micro-entrepreneur of the year (MOTY) awardees in Malacañang.
The checks were sourced from the National Livelihood Support Fund (NLSF) and the People's Credit and Finance Corporation (PCFC).
A strong supporter of microfinance and SMEs, the President said the resurgence of these enterprises will create a "robust" middle class, a key factor for her vision of the Philippines reaching first world status in 20 years.
The recipients of the checks were Merina Rallos (RTW and peanut butter production), Carmelita Cabiles (barbeque vendor), Milagros Villiones (sari-sari store), Teresita Lepiten (piggery and meal vendor), Maricor Bastida (direct selling); Rolando Tampico (bed making and sari-sari store), Virginia Escaros (meat vendor), Nora dela Cruz (sari-sari store), Rosalinda Silao (RTW and meat vendor), Dionisio Fajardo (bangus vending) and Divina Erato (ice cream dealer).
The President noted that since its inception in 2001 as part of the anti-poverty law, the NLSF and PCFC have released P80 billion to microfinance institutions while P100 billion has been released to SMEs under the Sulong program which was started in 2004.
"That (amount) has supported 1.71 million jobs of which half a million are new jobs," she said. (OPS) [top]