THE GOVERNMENT-run Small Business Corp. (SB Corp.) announced yesterday that it has started releasing loans to micro enterprises affected by the six-month shutdown of resort island Boracay, more than four months since the closure started on April 26. In a statement, the Department of Trade and Industry’s loan arm said the initial released funds were distributed to seven entrepreneurs who each received P30,000 through the Pondo sa Pagbabago at Pag-asenso (P3) program. The P3 is intended to support micro entrepreneurs by providing affordable, low cost and easy-to-pay loans to help them expand their businesses. Loan payment terms vary from monthly to semi-monthly over a period of six months to one year, depending on the borrower’s financial capacity. “Helping the people of Boracay Island and local tourism during this period means ensuring their micro entrepreneurs have access to available funds to support their businesses,” Trade Secretary Ramon M. Lopez said in the statement. — Janina C. Lim

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