In a bid to encourage and empower women entrepreneurs in the country, the Philippines’ Department of Trade and Industry ( DTI ) will earmark two billion pesos ( US$33.91 million ) for a loan programme exclusively for women-owned and -led micro, small and medium-sized enterprises ( MSMEs ).

This year’s allocation doubles the previous amount allocated to the loan programme, which can be accessed through the Women’s Enterprise Fund ( WEF ), which in turn will be processed by the DTI’s Small Business Corp ( SBCorp ).

“We continue to support women entrepreneurs seeking local and global expansion,” says Cristina Roque, the DTI’s secretary, “while also opening opportunities for those ready to expand, create jobs and strengthen local economies.”

The DTI, Roque adds, is aware of how challenging it is to raise capital, especially for MSMEs, and that programmes, such as the WEF, are tailored to meet the needs of small business owners.

“The fund aims to provide capital [for women] to start and expand their business,” the DTI shares, “recognizing their contribution to economic growth.”

Under the WEF, women-owned and -led MSMEs can access loans of between 30,000 pesos and 20 million pesos, with flexible payment terms of up to five years.

Loans will have a one-year grace period, meaning those who avail of this funding do not need to worry about capital and interest payments for the first year, while collateral requirements are waived for loans of up to five million pesos.

Additionally, in a bid to make the loans more accessible, interested business owners, the DTI adds, can access the applications digitally through the SBCorp Money App.