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.
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Tue Jul 08, 2008 8:30 pm