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Friday, April 12, 2024

Baguio City plans P2-M yearly allocation for small business assistance fund

By Liza Agoot

BAGUIO CITY – According to Councilor Rocky Aliping, the city government plans to dedicate PHP2 million each year as a support fund for micro and small enterprises. In an interview on Tuesday, he emphasized the potential of small businesses to drive economic growth, generate employment, and boost tax revenues. “The funding is intended to offer financial aid to local entrepreneurs and foster the expansion and advancement of small businesses within the city, which play a crucial role in the economy,” he stated.

Aliping, who co-authored the measure with Councilor Leandro Yangot Jr., said the annual funding will be provided for five consecutive years and will be given to the City Social Welfare and Development Office, which will extend the financing as a loan.

During the pandemic, the city government approved the allocation of a zero-interest pump priming fund.

Business owners benefited from additional funds to sustain their operation after incurring losses when the nationwide lockdown was declared starting March 2020. (PNA)

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