DSWD Bicol Distributes P3 Million in Seed Capital to Entrepreneurs in Irosin, Sorsogon

IROSIN, SORSOGON — The Department of Social Welfare and Development in Bicol (DSWD-5) has infused PHP 3 million in seed capital into the local economy of Irosin, Sorsogon, benefiting 201 individuals under its Sustainable Livelihood Program (SLP).

According to Philippines News Agency, a project development officer for SLP at DSWD-Bicol, each of the 201 program participants received PHP 15,000 as startup capital to either initiate or expand their businesses.

In a recent phone interview, Zaragosa expressed optimism about the program’s potential impact on the local economy. “For those who are starting a business, we hope that they can sustain and grow their businesses. There are also additional investments,” he remarked. He further urged the beneficiaries to consider forming an association to take advantage of the SLP’s 5-Year Livelihood Sustainability Plan, which aims to provide extended support and development opportunities to small businesses.

The 5-Year Livelihood Sustainability Plan is designed to enhance the implementation and effectiveness of the SLP by improving its processes and timelines, bolstering the sequence of capability-building activities, and ensuring that participants are well-equipped to develop and manage their livelihoods successfully. The plan introduces revised cost parameters for interventions, new capability-building initiatives, and livelihood incentives that are intended to support both individual entrepreneurs and associations over a five-year period.

This strategic move by the DSWD-5 to invest in small business development reflects a commitment to fostering sustainable economic growth and improving the livelihoods of residents in Irosin, Sorsogon, through targeted financial support and capacity building.