Arroyo launches P500-M credit line
MANILA, Philippines – President Gloria Macapagal-Arroyo launched Wednesday a P500-million microfinance credit line for family members and associations of public utility drivers as an early Christmas gift to the transport sector.
The loan amounts range from P5,000 for individuals to P150,000 for associations with 30 members.
The loans are available at the Philippine Postal Savings Bank, said Presidential Management Staff chief Cerge Remonde, who is also the Cabinet oversight official for microfinance.
“Ito ang maagang pamasko sa atin ng mahal na Pangulo [This is your early Christmas gift from the President),” Remonde said during the launch.
“This will enable the wives of drivers to start small businesses like a sari-sari store,” he said.
The P500-million fund came from a windfall in value-added tax collections.
View article as posted on INQUIRER.net