The Department of Trade and Industry is warning the public against transacting with representatives of financial institutions offering low interest loans.
The DTI said the same is actually a scheme out to prey in gullible residents.
“Please be informed that certain groups and individuals posing as legitimate representatives of financial institutions were reported to be doing business in the city offering loans with low interests but are actually a scheme to prey on gullible residents.”
“The Department of Trade and Industry together with its attached agency and financing arm, Small Business Corporation (SB Corp.) strongly warns the public that they do not send out agents to process identification cards and list registrants for loan applicants under the Pondo sa Pagbabago at Pag-asenso (P3) program. The SB Corp. clarifies that they only recognize government issued IDs as proof of identification,” a public service announcement released by the DTI stated.
P3 is a funding program that provides microenterprises an alternative source of financing that is easy to access and made available at a reasonable cost. This program is meant to boost the development of micro, small, and medium enterprises, particularly those that comprise about 90 percent of registered enterprises in the country.
Interested entrepreneurs may visit the Small Business Corp. North Luzon with office address at Unit 2A, Jesnor Bldg, 1 Cariño, Corner Otek streets, Baguio City or call 424-7647.