Photo Release

September 28, 2021

Fully utilized budget for MSMEs: Senate Majority Leader Juan Miguel “Migz” Zubiri, during the virtual hearing Tuesday, September 28, 2021, on the proposed P24.7 billion budget of the Department of Trade and Industry (DTI) and its attached agencies for next year, quizzes Trade and Industry Sec. Ramon Lopez on the P10 billion appropriation for micro, small and medium enterprises (MSMEs) under the Bayanihan 2. “Under the Bayanihan 2, we inserted a provision for P10 billion for the Small Businesses Corp. How was it utilized? Did we release it?” Zubiri asked. According to Lopez, all the budget for MSMEs were fully released and DTI was able to lend out P5.59 billion to 34,926 applicants. Zubiri said DTI’s Small Business Corp. is effective in assisting micro, small and medium business entrepreneurs since it is very difficult to obtain loans from banks such as the Land Bank of the Philippines because it requires the submission of a lot of papers before loans are released. (Screen grab/Senate PRIB)