Rama gives out cash loans to poor residents

CEBU, Philippines - Cebu City Mayor Michael Rama yesterday distributed cash loans to 27 private individuals from Barangay Bulacao to start their own livelihood.

The beneficiaries went to the City Hall to receive the livelihood assistance from the mayor raging from P3,000 to P5,000 depending on the type ofbusiness that the beneficiary would want to start with.

Department of Social Welfare and Services chief Catherine Yso said the cash loans is without interest and will be paid within six months.

“Walay tubo sa kwarta nga gipahuwam kanila kay tabang ra man kini sa City Hall nga makakita sila’g ginagmay nga panginabuhian,” Yso told The FREEMAN.

Some beneficiaries said they want to engage in hog raising, tailoring or dressmaking and sari-sari store.

To ensure that they can pay their loan, the City Government has organized them and the organization’s president is tasked to collect a daily amortization from them for a period of six months.

The daily collection will be kept by the president of the organization and will be collected by the City Government only after six months.

According to Yso, the City Government had allocated P300,000 to the DSWS for the purpose.

Yso said those who wish to avail of the cash loans from her office may submit their applications. She however said that not all applications may be approved as the applicants are required to give their ideas on how to manage their business. — THE FREEMAN