Department of Trade and Industry Secretary Ramon Lopez said cooperatives are a partner of the agency in helping micro and small entrepreneurs grow their businesses.
At the 31st anniversary of the Cooperative Development Authority, Lopez said even before CDA was not yet an attached agency of DTI, it was a partner in delivering government services to small-scale businesses, particularly in the rural areas.
He added the DTI partners with cooperatives to reach micro and small enterprises for them to avail the department’s microfinancing and shared service facility programs.
Lopez said the DTI collaborates with cooperatives for the Pondo sa Pagbabago at Pag-asenso or P3 Program, a microfinancing effort of DTI’s financing arm Small Business Corp.
This is in line with President Rodrigo Duterte’s directive to improve access to capital so Filipinos will avoid tapping ‘5-6’ loan sharks who impose high interest rates.