THE Department of Tourism (DoT) said on Wednesday that it launched a loan program targeted at tourism micro, small, and medium enterprises (MSMEs) seeking to scale up and improve service quality.
In a statement, the DoT said the Turismo Asenso multipurpose loan program follows the signing of a memorandum of agreement with the Department of Trade and Industry (DTI).
“With tourism contributing 8.9% to our GDP and providing jobs to over 6.75 million, our approach has always been to grow it as a powerful economic driver,” Tourism Secretary Christina G. Frasco said.
“The Turismo Asenso loan program is part of this vision — giving our tourism MSMEs the capital they need to expand, hire more people, and improve services. This is real, accessible support for the entrepreneurs at the heart of our tourism economy,” she added.
The DTI’s financing arm, the Small Business Corp. (SBCorp.), the loan program will allow MSMEs to borrow up to P20 million.
“For non-collateral loans, new borrowers may access up to P3 million, while existing borrowers may qualify for loans of up to P5 million. Flexible repayment terms of up to five years are also available,” the DoT said.
To avail of the loan, the applicant must have a Filipino-owned registered business or a business with at least 60% Filipino ownership.
The business must also have a track record of at least one year, hold assets not exceeding P100 million excluding land, and be free of past-due accounts in any SBCorp. programs and other major negative credit findings. — Justine Irish D. Tabile