The growth of the Philippine tourism sector has received a boost from the Turismo Asenso Loan Program, which aims to strengthen the capacities of stakeholders to better serve people who want to travel and experience offerings in various places across the country.
Under the program, borrowers will be able to avail loans ranging from PHP10,000 to PHP10 million from the Small Business Corporation (SBCorp), the lending arm of the Department of Trade and Industry (DTI).
Borrowers will also not be required to repay the principal amount and interest within the first year of loan disbursement, and they will not be required to provide collateral, Trade and Industry Secretary Cristina Roque said in her remarks during the ceremonial awarding of loans to the first nine beneficiaries held in Pasay City yesterday.
Roque added that the tie-up program with the Department of Tourism (DOT) aims to do things, especially for MSMEs (micro, small, and medium enterprises).
He also said that when the DOT and DTI signed the memorandum of agreement last April, they agreed to prioritize financing for tourism, especially since it is one of the drivers of trade development.
Roque added that President Ferdinand R. Marcos Jr. ordered that all MSMEs be given access to loans to boost their businesses.
Meanwhile, Tourism Secretary Christina Frasco, during the same event, said that ensuring access to finance for MSMEs, such as those in the tourism sector, will not only sustain the tourism sector but also boost the economy.
