Labor Day brought good news for the more than one million government service providers, thanks to no less than President Gloria Macapagal Arroyo.
Aside from giving the government workers the assurance that a ten percent wage increase will take effect in July, President Arroyo gave them the once elusive dream of putting up their own business to augment their income through a livelihood lending facility for government employees.
President Arroyo urged the government employees to avail of the “second income” opportunities through the Puhunang Pangnegosyo Para sa Kawani ng Gobyerno program of the government.
To make good her Labor Day statement, President Arroyo lost no time and launched on May 2 the “Go Negosyo, Go Gobyerno” livelihood lending facility for government employees, enticing all government employees whom she called the new pillars of power in the community to become micro-entrepreneurs and put up their own businesses by availing themselves of this new credit window.
The President allotted some P1 billion in funding for the Puhunang Pangnegosyo Para sa Kawani ng Gobyerno aimed at providing collateral-free livelihood loans to government employees, through employee cooperatives and employee associations.
The President said those interested may apply for the loan as an individual where they alone reap all the benefits of their business as well as all the debts, or as a group or association and share in the profit and the cost of their business.
The President expressed favor for the latter which she said "encapsulates the essence of micro-finance and directed the Philippine Government Employees Association (PGEA) to immediately organize their member organizations so as to facilitate their loan applications.
The loans will be in the form of wholesale lending by government financing institutions namely: the PCFC, the Development Bank of the Philippines, the Land Bank of the Philippines, Quedan Corporation, National Livelihood Support Fund and Small Business Guarantee Finance Corporation with government employee cooperatives and associations as their retail institutions.
The facility offers livelihood loans starting at P5,000 given in cycles of three to six months with gradual increases in loan size based on repayment record, group or individual liability and bimonthly or monthly repayments.
Truly, the new loan facility is part of the "social payback" to the people after the government implemented radical revenue reform measures that have contributed to the lofty standing the Philippine economy is experiencing right now. (PIA 8)
Aside from giving the government workers the assurance that a ten percent wage increase will take effect in July, President Arroyo gave them the once elusive dream of putting up their own business to augment their income through a livelihood lending facility for government employees.
President Arroyo urged the government employees to avail of the “second income” opportunities through the Puhunang Pangnegosyo Para sa Kawani ng Gobyerno program of the government.
To make good her Labor Day statement, President Arroyo lost no time and launched on May 2 the “Go Negosyo, Go Gobyerno” livelihood lending facility for government employees, enticing all government employees whom she called the new pillars of power in the community to become micro-entrepreneurs and put up their own businesses by availing themselves of this new credit window.
The President allotted some P1 billion in funding for the Puhunang Pangnegosyo Para sa Kawani ng Gobyerno aimed at providing collateral-free livelihood loans to government employees, through employee cooperatives and employee associations.
The President said those interested may apply for the loan as an individual where they alone reap all the benefits of their business as well as all the debts, or as a group or association and share in the profit and the cost of their business.
The President expressed favor for the latter which she said "encapsulates the essence of micro-finance and directed the Philippine Government Employees Association (PGEA) to immediately organize their member organizations so as to facilitate their loan applications.
The loans will be in the form of wholesale lending by government financing institutions namely: the PCFC, the Development Bank of the Philippines, the Land Bank of the Philippines, Quedan Corporation, National Livelihood Support Fund and Small Business Guarantee Finance Corporation with government employee cooperatives and associations as their retail institutions.
The facility offers livelihood loans starting at P5,000 given in cycles of three to six months with gradual increases in loan size based on repayment record, group or individual liability and bimonthly or monthly repayments.
Truly, the new loan facility is part of the "social payback" to the people after the government implemented radical revenue reform measures that have contributed to the lofty standing the Philippine economy is experiencing right now. (PIA 8)
