MSMED Council earmarks P50B
MANILA, Philippines – The government will spend as much as P50 billion for 500,000 microfinance beneficiaries this year as part of efforts to keep the economy afloat amid the global recession, Trade Secretary Peter Favila said.
The government aims to spend a total of P310 billion for microfinance by the end of President Gloria Macapagal-Arroyo’s term in 2010, said Trade Secretary Peter Favila, who took over on Tuesday as microfinance chairman of the Micro, Small and Medium Enterprise (MSME) Development Council.
Since Arroyo assumed office in 2001 until October 2008, the government has spent P148 billion for microfinance, with over six million active beneficiaries, said the former head of the MSME council, Press Secretary Cerge Remonde.
“Congratulations to the beneficiaries. Carry on Secretary Peter Favila. You are now the micro-finance czar …. Good luck,” Arroyo said after she interviewed some of the micro entrepreneurs at the Kalayaan Hall in Malacañang.
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