MANILA BULLETIN (Feb. 10, 2012) – To cushion the effect of the rising prices of petroleum products, the government will lend qualified transport groups in the country a maximum loan of P5 million, in which the loan may be for relending to individual members.
This was revealed by Philippine Postal Savings Bank (PostalBank) Chief Executive Officer Cesar Sarino during the launching of the PostalBank’s P250 million program called as “Arangkada Pasada” yesterday morning. Sarino disclosed that the program is in line with President Benigno S. Aquino III’s commitment to help the transport sector, which is besieged by the rising prices of petroleum products. “In as much as the other banks cater mostly to huge accounts and big clients, we can fill the need to serve the poor folks who would want to avail of banking services,” Sarino said.
Under the scheme, individuals and enterprises belonging to the transport sector may apply for the loan in any of the bank’s 25 branches nationwide. A transport cooperative, association or group may avail itself of loans of up to P5,000,000 for relending to qualified members and/or for setting up or expansion of business activities benefiting its members.
A maximum loan of P100,000 shall also be given to legitimate members with viablebusiness proposals or are operating profitable business endeavors, at the time of the loanapplication. The loan term shall be a minimum of one year or maximum of five years, depending on the borrower’s project requirements, cash flow, projected financial statement and security offered.