Mati City Mayor Michelle Nakpil Rabat has asked the Sangguniang Panlungsod to approve a multi-million-peso stimulus package for micro and small enterprises affected by the community quarantine due to coronavirus pandemic.
In a letter to the City Council led by Vice Mayor Glenda Rabat-Gayta, the mayor requested the passage of an Ordinance Establishing the Guidelines on City of Mati Economic Recovery Program known as “Tabang Aron Tubagon ang Krisis sa Mga Negosyanteng Responsabli (TATAK MNR).”
The loan program, which initially has P12 million allocation, aims to help the micro and small enterprises operating within the city that are affected by the Covid-19 pandemic and for other purposes.
“The stimulus package loan is available only for micro and small businesses owned and legally operated by a resident of the City of Mati, business with sole proprietorship, and business that is in profitable operation for at least one year by March 2020,” the city government said.
Those who will avail of the program can loan between P10,000 and P100,000.
The loan has a 6-month grace period and payment will start on the 7th month after the release of the loan and is payable within three years.
The loan obligation will become due and demandable if borrower fails to pay for three consecutive principal/amortization payment schedules.
The stimulus package loan is collateral-free. However, a notarized promissory note must be executed by the borrower in favor of Mati City government.