Growth of the Philippines’ tourism sector got a boost from the Turismo Asenso Loan Program, targeted to bolster the capacities of stakeholders to further serve people wanting to travel and experience offerings in various areas nationwide.
Under the program, borrowers may avail of loans from P10,000 up to P10 million from the Small Business Corporation (SBCorp), the lending arm of the Department of Trade and Industry (DTI).
Borrowers will not be required to pay the principal amount and interest within the first year after loan disbursements, and they will not be required to have collateral, Trade and Industry Secretary Cristina Roque said in her speech during the ceremonial awarding of loans to the nine initial beneficiaries at the Marriott Hotel in Pasay City on Monday.
She said the tie-up program with the Department of Tourism (DOT) aims to “get things done, especially for the MSMEs (micro, small and medium enterprises).”
“When the DOT and DTI signed our memorandum of agreement last April, we agreed on one urgent priority -- financing for tourism. We realized that for tourism, we really need to grow tourism as this is a driver of trade. So definitely, we must get things done,” she said.
Roque said President Ferdinand R. Marcos Jr. has instructed that all MSMEs be provided access to loans to lift their businesses.
“Through the Turismo Asenso Loan Program, we are addressing the gap with concrete, accessible, and affordable loan packages for micro-enterprises, for first-time borrowers, and of course, for the loyal SB Corporation borrowers. These amounts do not just buy equipment or facilities, they buy unforgettable stories for our travelers, she said.
Tourism Secretary Christina Frasco, during the same event, said ensuring access to finance among MSMEs, such as those in the tourism sector, not only sustains the tourism sector but also boosts the economy.
“That is why under a Bagong Pilipinas (New Philippines), supporting our MSMEs is central to our nation’s inclusive growth. Ensuring that the benefits of tourism are felt by every Filipino family,” she said.
The President, who led the ceremonial distribution of checks to the beneficiaries from the National Capital Region and Calabarzon, said tourism is among the strong supports of the domestic economy; thus, the government’s bid to help stakeholders.
He said tourists are not simply traveling to see places but also want to experience the local culture, or what he said is experiential tourism.
“For us Filipinos, the most important for them to feel and experience [is] Filipino hospitality. We know that's what we are most proud of,” he said in Filipino.
RTVM PHOTO
