The government is targetting a total of P310bn (US$5.7bn) allocation up to 2010 under the SME Unified Lending Program for National Growth (SULONG) as the Arroyo administration aims to produce millions of Filipino entrepreneurs by the end of her term.
Trade and Industry Undersecretary for SMED Corp. Zorayda Amelia C. Alonzo said this means tripling the 2005 SULONG target loan release of P28.8bn (US$0.53bn).
Contributors to the SULONG fund are government financial institutions, such as the Land Bank of the Philippines, Development Bank of the Philippines, SB Corp., Quedancor, Philexim, National Livelihood Support Fund, Government Service and Insurance System and the Social Security System.
Last year, SULONG was able to release a total of P27bn (US$0.5bn) loans benefiting a total of 281,229 entrepreneurs, of which 20,000 beneficiaries have averaged loan of P1m (US$ 18,379).
