MANILA –Tourism-related micro, small, and medium enterprises (MSMEs) may now avail of loans of up to PHP20 million through the Turismo Asenso multipurpose loan program under the Small Business Corporation (SBCorp), the Department of Tourism (DOT) announced Wednesday.

The DOT said the program aims to empower tourism MSMEs by providing access to low-interest financing to help scale up operations and enhance services for visitors.

“With tourism contributing 8.9 percent to our GDP (gross domestic product) and providing jobs to over 6.75 million Filipinos, our approach has always been to grow tourism as a powerful economic driver. The Turismo Asenso loan program is part of this vision—giving our tourism MSMEs the capital they need to expand, hire more people, and improve services,” Tourism Secretary Christina Frasco said in a statement.

“This is real, accessible support for the entrepreneurs at the heart of our tourism economy.”

The program was launched following the formal signing of a memorandum of agreement between the DOT and the Department of Trade and Industry last April.

Qualified applicants may borrow up to PHP20 million with an interest rate of 1 percent per month on a diminishing balance basis.

For non-collateral loans, new borrowers may access up to PHP3 million, while existing borrowers may qualify for loans of up to PHP5 million.

Flexible repayment terms of up to five years are also available.

Interested applicants must have a Filipino-owned registered business or with at least 60 percent Filipino ownership of the business; have a track record of the business not lower than one year; with asset size not exceeding PHP100 million, excluding the lot; and without past due account in any of the programs of the SBCorp and no major negative credit findings. (PNA)