QC releases P2M for livelihood fund

Quezon City Mayor Feliciano Belmonte Jr. has released an additional P2 million as funds for the growing number of small entrepreneurs enrolled to the city’s Puhunang Pangkaunlaran ng Sikap Buhay program.

The additional funds was allocated by the Luzon’s Farmers Party from its Development Assistance Fund to assist the city government and the Cooperative Rural Bank of Bulacan Inc. (CRBBI) in providing a collateral free loan to small businessmen from the poor communities in the city.

The release of the amount was an off-shoot of a memorandum of agreement singed by Belmonte, Butil party list Rep. Benjamin Cruz, CRBBI chairman Jacinto Jose and CRBBI general manager Nestor Custudio.

The CRBBI is one of the conduits of the National Livelihood Support Fund (NLSF) which has made Quezon City as its model for its microfinancing program all over the country. The other conduit of the NLSF for Quezon city is Eurocrest which recently distributed stock certificates to members.

Antonio Ortiz, NLSF executive director and CEO said Sikap Buhay has posted a record 100 percent repayment of collateral-free loans to beneficiaries, mostly housewives engaged in small businesses in their communities. — Perseus Echeminada