By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
MANILA, Philippines — Filipino youth starting businesses will soon have access to a P1-billion Department of Trade and Industry (DTI) loan facility as the agency promotes youth entrepreneurship.
On Wednesday, Trade Secretary Cristina Roque said the Youth Enterprise Fund will provide P30,000 to P500,000 loans to entrepreneurs aged 18 to 30. The Small Business Corp. (SBCorp.), the DTI’s financing arm, will administer the financing.
The loans will carry a 1-percent monthly interest rate on a diminishing balance and a 3-percent processing fee. Borrowers will have up to three years to repay, with a one-year grace period available. No collateral will be required.
“There are many young people who have good ideas, talent, hard work and strong will. But often, there is one problem: Where will they get the capital?” Roque said during the DTI National Exporters’ Fair.
