QC OKs loan program for indigent new grads

First-time job hunters among the poorest Quezon City residents could use some pocket money—exactly what a newly approved ordinance is offering.

Under the “Hanap na, Bayad Later” program, City Hall is extending loans at P2,000 each to new graduates and indigents who can pay them back once they get hired.

An ordinance establishing the program was signed Jan. 9 by Mayor Herbert Bautista, to be implemented through the Public Employment Service Office (Peso).

The measure mandates the city government to allot an initial P1 million for the financial assistance scheme, wherein borrowers are required to register with Peso and show proof that they are new graduates or from low-income households.

Once employed, they can pay the loan in installments for up to a year.

Data from Peso showed that as of April last year, the city’s unemployment rate stood at 7.5 percent, while the underemployment rate was at 19.2 percent.