BAGUIO CITY – In a move to foster local economic growth and resilience, the Baguio City government is planning to earmark PHP2 million annually to support micro and small enterprises, as announced by Councilor Rocky Aliping.
According to Philippines News Agency, this initiative is designed to provide essential financial assistance to the city's small business sector, recognized for its significant contributions to employment and tax revenue generation. The plan outlines that the allocated funds will be administered over a span of five years, aiming to sustain and enhance the operational capabilities of these local businesses.
The fund will be managed by the City Social Welfare and Development Office, which will disburse the amount as loans to eligible entrepreneurs. This financial strategy aligns with the city's broader objectives to encourage entrepreneurial activity, ensuring that micro and small enterprises continue to serve as vital cogs in Baguio's economic machinery.
The context of this financial support initiative stems from the city's proactive response to the economic downturn caused by the COVID-19 pandemic. During this period, Baguio City had already demonstrated its commitment to supporting local businesses through the approval of a zero-interest pump-priming fund, assisting entrepreneurs in weathering the challenges posed by the nationwide lockdown initiated in March 2020.
Councilor Aliping, together with co-author Councilor Leandro Yangot Jr., underscored the importance of this initiative in bolstering the economic stability of Baguio City, ensuring that its small business community has the resources to thrive and expand.