Marikina starts microlending program for street vendors
The local government of Marikina City has launched a microlending program for the city’s registered ambulant vendors to provide them with working capital.
The program launch follows the city council’s passage of an ordinance that officially recognizes the vendors’ operations in the country’s shoe capital. Ordinance 04, Series of 2011, which was passed in March, requires all ambulant vendors to register with the city government through the City Market Office (CMO).
The ordinance, which intends to regulate the vendors’ operations, was authored by Councilor Susana Magtubo.
Mayor Del de Guzman said the microlending program, which targets some 465 beneficiaries, would entitle each vendor to P5,000 in financial assistance, which they can pay without interest.
He said the money would increase the beneficiaries’ initial capital and further boost their means of livelihood.
“We recognize the existence and needs of this particular sector of our community whose primary source of income emanates from peddling commodities,” De Guzman said.
The mayor has tasked the CMO to process the necessary documents for the release of the funds. To qualify for the financial assistance, vendors will have to undergo a screening process where each registered ambulant vendor will be interviewed and assessed by the CMO.
It will take one to two weeks to process the documents.
Aside from the financial aid, the local government will issue PhilHealth cards to the registered vendors to lessen their expenses in case of hospitalization, the mayor said.
