DTI Launches 1 Billion Peso Lending Program To Fight 5-6 In The Country (Here’s The Easy Steps To Avail) - Daily Buzz PH

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Sunday, March 5, 2017

DTI Launches 1 Billion Peso Lending Program To Fight 5-6 In The Country (Here’s The Easy Steps To Avail)


Money lending or “utang” has been a part of the Filipino culture for decades now. Pinoys resort to loans in order to get through their financial struggles.
One of the most popular lending system in the country is the 5-6 lending scheme.
5-6 was introduced by Indian nationals; people from all walks of life are qualified in this lending scheme. All you have to do is pay an agreed interest rate of the money you borrowed and the collector will solicit it on a daily basis. No need to fill out forms and submit valid IDs, just a verbal agreement between the borrower and the lender.
Just recently, the Philippine government launched a new program that will crackdown the rampant 5-6 lending scheme. The Department of Trade and Industry (DTI) opened the Pondo sa Pagbabago at Pag-asenso or P3, a 1-billion peso project that will give Filipino people an alternative solution to their financial struggles.
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As per DTI Undersecretary Zenaida Maglaya, under this program small time entrepreneurs like sari-sari store owners, market vendors and the likes will be allowed to borrow up to 5,000 to 100,000 pesos with just 2.5% interest rate, lower than the usual 5% rate offered by 5-6 lending schemes.
The good news is borrowers can claim their loan within the same day they applied for it, no need for any collateral or approved application. Easy, isn’t it?
The program was first available in the 3 areas considered as poorest provinces such as Occidental Mindoro, Tacloban and Sarangani province where DTI released 4.72 million pesos loan application that benefited a total of 135 micro businesses.
P3 applicant simply needs to file their loan application to 7 accredited cooperatives and finance institutions listed below:
  • Cebuana Lhuillier Finance Corporation
  • Radiowealth Finance Company, Inc. (RFC)
  • Center for Agriculture and Rural Development, Inc. (CARD)
  • Taytay sa Kauswagan, Inc. (TSKI)
  • Tulay sa Pag-unlad, Inc. (TSPI)
  • Mindanao Alliance of Self-help Societies, Inc. (MASS-SPEC)
  • National Confederation of Cooperatives, Inc. (NATCCO)
And just follow these 3 easy steps:
STEP 1: Bring valid I.D. and any proof of your micro business
STEP 2: Fill out application form
STEP 3: Short interview for necessary information
Share this story to spread awareness among our fellow Filipinos.
Source: Kicker Daily

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