HB07363: PONDO SA PAGBABAGO AT PAG ASENSO or P3 ACT
House Bill No. 7363, also known as the "Pondo sa Pagbabago at Pag-asenso Act" or "P3 Act," aims to foster national development, promote inclusive growth, and reduce poverty by supporting micro and small enterprises (MSEs). The bill seeks to achieve this by establishing an accessible, affordable, and simple financing program for MSEs, particularly those in impoverished and underserved areas. A key objective is to offer a better alternative to informal lenders and to significantly lower the interest rates for financial services availed by MSEs, while also boosting entrepreneurship and supporting the recovery of MSEs from economic downturns like the COVID-19 pandemic.
The P3 Act directly impacts the people by providing crucial financial access to micro and small entrepreneurs, enabling them to grow their businesses, create local jobs, and participate more actively in the economy. The creation of the Pondo sa Pagbabago at Pag-asenso (P3) Fund, accessible through the Small Business Corporation (SB Corp.) and accredited financial institutions, ensures that funding reaches those who need it most, without requiring collateral and with flexible payment mechanisms. This initiative is significant as it not only helps individual entrepreneurs and their families improve their livelihoods but also contributes to the overall economic resilience and development of communities across the Philippines.