This was reported yesterday by Acting Trade and Industry Secretary Adrian Cristobal in a yearend press briefing.
The SULONG financing program is part of government’s effort to help the small and medium enterprise sector which accounts for 99 percent of the total establishments in the country and employs 70 percent of the labor force.
The government allocated P30 billion for the SULONG program and on Feb. 4, 2003, 10 government financial institutions (GFIs) signed a memorandum of understanding (MOU) to implement the SULONG financing scheme.
The 10 GFIs are the SB Corp., the Land Bank of the Philippines, the Development Bank of the Philippines, the Quedan and Rural Credit Guarantee Corporation, the National Livelihood Support Fund, the People’s Credit and Finance Corporation, the Philippine Export-Import Credit Agency, the Government Service and Insurance System, and the Social Security System.
The 10 GFIs agreed to implement simplified and standardized lending procedures and guidelines under the SULONG program.
Funds under the SULONG program can be used as working capital, expansion or to acquire assets.