Cash loans for the first batch of TAPAT beneficiaries (Tulong At Pampuhunang Ayuda para sa Taga-pasig) will be released on Friday, September 4, Pasig City Mayor Vico Sotto said on Monday.
On his official Facebook page, Sotto announced that around 2,000 applicants had been approved for local loan assistance from the city government.
Sotto told the Manila Bulletin that cash loans would be released through the PayMaya electronic money transfer service “so that it is contactless.”
Pasig City has allocated 200 million pesos for the loan program which will cover approximately 20,000 to 40,000 TAPAT beneficiaries.
On July 10, Pasig City officially launched the TAPAT program to help residents and local businesses recover from the adverse effects of the coronavirus pandemic.
“The Pasig TAPAT program is our city’s coordinated effort to address the current situation of Pasig’s local economy affected by the COVID-19 pandemic,” the local government said on its website.
As part of the program, the city government is offering three types of loans to help unemployed residents and business owners in the city meet their financial needs amid the health crisis.
Balik Negosyo lends up to 10,000 pesos to business owners who need to adjust their operations to the “new normal” of conducting business transactions.
Bagong Negosyo offers up to 10,000 pesos to unemployed residents who want to start a small business.
Balik Trabaho offers job seekers a loan of up to 5,000 pesos to help meet their needs and their transportation costs.
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