DTI to Offer Loans for Grab Driver-Partners Amid ECQ—Report
The government is ready to offer loan scheme to Grab driver-partners as part of the loan program being offered to micro and small businesses who has been badly affected by enhanced community quarantine due to the outbreak of Severe Acute Respiratory Syndrome-CoronaVirus (SARS-COV). In a GMA News Online report, Department of Trade and Industry (DTI) Secretary Mon Lopez explained that the loan intended for micro businesses can go as low as P5,000 up to P200,000. On the other hand, small businesses can borrow from P200,000 to P500,000. The report noted that the loan is payable in two to three years time, with a monthly 0.5 percent monthly interest. Further the report stated that the payment will not be collected for the first three to six months—depending on the loan amount. "This loan is for micro and small business, including those who bought a car on loan for Grab services. Ang micro and small businesses, zero to P3 million ang asset. Ito iyong mga tindahan, carinderia," Lopez was quoted as saying, adding that those included in small businesses has P3-million worth of assets.