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MICROBUSINESS ENTERPRISES AND OFWs OF ILOILO FIND RELIEF FROM EMBRACE PROGRAM

 The Sangguniang Panlalawigan ng Iloilo recently approved an ordinance providing loan assistance to micro enterprises and overseas Filipino workers who were affected by Covid-19 pandemic to help them recover in their business and livelihood.

Provincial Ordinance 2020-242, authored by 4th District Board Member Rolando Distura and sponsored by 3rd District Board Member Jason Gonzales and 4th District Board Member Domingo Oso, Jr., was approved on Tuesday, October 13, 2020 during the 64th Regular Session of the provincial board.

The ordinance offers a financial assistance through a loan without interest. Microbusiness enterprises and OFWs could borrow 20,000 pesos to 100,000 pesos provided that they are qualified and have complied all the documentary requirements.

“Eligible to avail the program are the qualified micro enterprises and overseas Filipino workers who went home due to pandemic and wanted to put up their businesses,” Gonzales said in a press report from the 13 th Sangguniang Panlalawigan ng Iloilo.



A microbusiness enterprise with two or more employees, excluding the owner, with a business operating for more than a year in the province of Iloilo, with barangay certificate as proof of residency of owner and with attestation that the business was affected by pandemic could qualify for the Expanded Micro Business Recovery Assistance During Crisis and Emergency (EMBRACE) Program.

It is a requirement to submit a fully accomplished and signed application form with annual Income Tax Return or an in-house Financial Statement; with Mayor's Permit or business registration from DTI or SEC Registration or Barangay Business Permit or either of the four permits in order to hasten the application for loan; with Post-Dated Check or a presence of co-maker; with signed affidavit declaring that no loan assistance was received from any of the government agencies.

On the other hand, an OFW must be a resident of the province of Iloilo, has experienced job displacement due to pandemic, with proof of physical employment abroad and the salary is from employer and not from the manning agency from the Philippines, and has been an active member of OWWA for two years.

An OFW must have a business plan. The Local Economic Development and Investment Promotion or LEDIP Center of Iloilo Province could help an OFW on how to do this. An application form must be submitted with the copy of passport or boarding pass stating the arrival in Iloilo during the pandemic, proof of overseas employment, proof of loss of employment including the termination letter, sworn affidavit stating that no loan assistance was received from any government agencies, and documents from OWWA as repatriated OFW.

“The LEDIP is willing to guide the OFWs to develop their business plan, it is about the desired business, financial projection or forecast, how the business will earn and its system,” Gonzales added.

There will be no interest to be imposed on the loaned amount but only a three percent service fee just like what is being imposed by any loan facilities.

It can be paid in 1 year if the loan amount is 20,000 pesos to 50,000 pesos and 2 years if the loan amount is 51,000 pesos to 100,000 pesos.

The payment period will start six months after the loan has been release. It will bear a 0.5% penalty per month for delayed payments. If the borrower has failed to pay for three consecutive months, the Iloilo Provincial Government will demand for the payment of full amount of borrowed money. Failure to pay could cause for a criminal, civil and/or administrative cases against the borrower.

The purpose of the ordinance is to be able to pay the loan amount of those who availed the program in order to continue it and make it bigger.

The program will start to roll after the Implementing Rules and Regulations or IRR had been crafted which is scheduled to be finished on November 19 by the Technical Working Group.

“The Technical Working Group shall release the IRR 30 calendar days upon approval of the subject ordinance,” Gonzales said.

The disbursement of 15 million pesos is ready and it will be equally apportioned to the five districts of the province or 3 million pesos per district. From this amount, 2/3 will be allocated for micro enterprises or 2 million pesos while the 1/3 or 1 million pesos will be for OFWs.

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(SIA News / Bert Ladera)

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