DBP releases first loan assist to OTOP OFW-Entrepreneur

NCadmin · Admin Number of posts: 680 Registration date: 2007-05-30

DBP releases first loan assist to OTOP OFW-Entrepreneur

State-owned Development Bank of the Philippines (DBP) has extended a

loan to a home-based manufacturer of coated polvoron, the first OFW-owned

micro-enterprise to gain assistance under the DBP credit facility for the

One Town, One Product (OTOP) program during ceremonies held last June 26,

2008 at the DBP headquarters in Makati City.

The Bank extended a P780,000 loan to AML Food Products, Inc of Iloilo

City for the financing of its showroom and working capital requirements.

The loan assistance is part of DBP’s efforts to promote entrepreneurship in

the countryside through support for the OTOP program of the Department of

Trade and Industry (DTI).

DBP’s partnership with DTI for the OTOP program aims to promote

entrepreneurial endeavors in the regions through the use of

locally-available raw materials and inherent human resources. In the

process, the Bank hopes to encourage more economic activity and job

opportunities in the provinces.

Overseas Filipino workers, as well as local government units, and

micro, small and medium enterprises with existing or start-up OTOP projects

and other income-generating undertakings, may avail of the DBP-OTOP credit

facility. Loans can cover up to 90% of project cost, depending on fund

source and borrowing capacity.

AML Food Products Inc. is a leading manufacturer of coated polvoron,

which was declared the OTOP of Iloilo province last year.