Dumaguete: The Department of Trade and Industry (DTI) in Negros Oriental has introduced two loan programs aimed at supporting overseas Filipino workers (OFWs) and micro, small, and medium enterprises (MSMEs) affected by the ongoing Middle East crisis.

According to Philippines News Agency, Krystle Jade Bato, spokesperson for DTI-Negros Oriental and head of the Consumer Protection Division, announced that these new loan options were made available last week. The initiative is facilitated by the SB Corporation, the financing arm of DTI, and includes the OFW Negosyo Fund and the MSME Business Fund. These funds are geared towards individuals displaced by the Gulf conflict, contingent upon meeting specific requirements.

The OFW Negosyo Fund offers loans to overseas workers impacted by the Gulf crisis, with the option for a family member to avail of the loan on their behalf. OFWs planning to start a business can apply for a loan of up to PHP300,000. Additionally, established businesses with at least one year of operation are eligible for loans up to PHP20 million, provided they offer collateral.

New borrowers have the opportunity to secure a collateral-free loan of PHP3 million, while existing borrowers may access up to PHP5 million. Bato emphasized that applicants must obtain a mayor's permit and satisfy other business criteria to qualify for the loans.

Both loan types come with a one-year grace period before repayments commence. The DTI office in the capital has already seen applicants this week seeking to apply for these loans. The DTI has allocated a budget of PHP4 billion to support these new financial options.