AS PART of President Benigno “Noynoy” Aquino III’s commitment to help the transport sector, the Philippine Postal Savings Bank (PostalBank) has launched today (February 03) a Special Loan Facility that can be availed of by industry stakeholders to start a new business or expand an existing one.
Dubbed “Arangkada Pasada”, the program is designed to help the transport sector earn additional income through livelihood and other small-scale business ventures.
PostalBank Chief Executive Officer (CEO) Cesar N. Sarino lead the formal launching of the program at the PostalBank main office together with other top officials of the Bank and other industry stakeholders.
The “Arangkada Pasada” program is also in line with Sarino’s vision to help uplift people’s lives through reliable and outstanding service and pro-poor programs and projects.
“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 program in any of PostalBank’s 25 branches nationwide.
Sarino added that they can also apply through several conduits, including the local government units (LGUs), organized transport cooperatives, organizations engaged in micro-finance activities and private business establishments in the transport sector.
A transport cooperative, association or group may avail of loans up to P5,000,000 for re-lending to qualified members and/or for setting up or expansion of business activities benefiting its members.
A maximum loan of P100,000 shall be given to legitimate members of the transport sector, with viable business proposals or are already operating profitable business endeavors, at the time of loan application. Loans should be backed up by acceptable collaterals under the Bank’s lending guidelines.
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.