Government launches loan program to boost tourism sector

The tourism sector is set to benefit from a new government loan program aimed at expanding the capacity of micro, small, and medium enterprises (MSMEs) to support the industry’s growth.

The Turismo Asenso Loan Program, administered by the Department of Trade and Industry’s lending arm Small Business Corporation (SBCorp), offers financing ranging from %u20B110,000 to %u20B110 million. Borrowers are granted a one-year grace period on principal and interest payments and are not required to post collateral.

Trade and Industry Secretary Cristina Roque said the initiative was designed to close financing gaps for enterprises in the sector. “Through the Turismo Asenso Loan Program, we are addressing the gap with concrete, accessible, and affordable loan packages for micro-enterprises, for first-time borrowers, and for loyal SB Corporation borrowers,” Roque said during the ceremonial awarding of loans to initial beneficiaries at the Marriott Hotel in Pasay City.

The program is a joint undertaking between the DTI and the Department of Tourism (DOT), following a memorandum of agreement signed in April. Tourism Secretary Christina Frasco said extending credit to small tourism businesses sustains the sector while generating wider economic benefits. “Supporting our MSMEs is central to our nation’s inclusive growth, ensuring that the benefits of tourism are felt by every Filipino family,” she said.

President Ferdinand Marcos Jr., who led the distribution of checks to the first nine beneficiaries from Metro Manila and Calabarzon, underscored the role of tourism in the domestic economy. He said visitors are increasingly seeking immersive cultural experiences, making investments in local enterprises vital. “For us Filipinos, the most important [thing] for them to feel and experience is Filipino hospitality. We know that’s what we are most proud of,” Marcos said.

Officials said the program is expected to expand nationwide in the coming months, with the aim of strengthening small enterprises and ensuring they can meet rising demand from both local and foreign travelers.