Tourism-related micro, small, and medium enterprises (MSMEs) in the Philippines can now apply for loans of up to PHP20 million through the Turismo Asenso multipurpose loan initiative. Announced by the Philippine Department of Tourism (DOT) on July 16, this program is managed under the Small Business Corporation (SBCorp).

The goal of the program is to empower tourism-related MSMEs by providing them with low-interest financing, enhancing their operations and services for visitors.

Tourism Secretary Christina Frasco stated, “With tourism contributing 8.9 percent to our GDP (gross domestic product) and providing jobs to over 6.75 million Filipinos, our approach has always been to grow tourism as a powerful economic driver. The Turismo Asenso loan program is part of this vision as it gives our tourism MSMEs the capital they need to expand, hire more people, and improve services. This is real, accessible support for the entrepreneurs at the heart of our tourism economy.”

A joint initiative:
Turismo Asenso was launched after a memorandum of agreement between the Department of Tourism and the Department of Trade and Industry was signed last April.

Qualified applicants may borrow up to PHP20 million with a monthly interest rate of 1% on a diminishing balance basis. For non-collateral loans, new borrowers may access up to PHP3 million, while existing borrowers can apply for loans of up to PHP5 million. Flexible repayment terms of up to five years are also available.

To be eligible, applicants must have a Filipino-owned registered business or at least 60% Filipino ownership of the business, possess a track record of no less than a year, have an asset size not exceeding PHP100 million (excluding land), and be current with the SBCorp programs without any negative credit findings.