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Coca-Cola, DTI, MFIs partner to create P157M fund to help COVID-19-hit sari-sari stores, carinderia


Beverage giant Coca-Cola Philippines has partnered with the Department of Trade and Industry (DTI) and two microfinance institutions to allocate and distribute P157 million in funds to more than 15,000 retailers whose businesses were affected by the COVID-19 pandemic and community quarantine.

In a statement on Thursday, the beverage company said, together with the DTI, ASA Philippines Foundation Inc. (ASA), and Alalay sa Kaunlaran Microfinance Social Development Inc. (ASKMSDI), it established ReSTART or Rebuilding Sari-Sari Stores Through Access to Resources and Trade program.

The ReSTART program aims to introduce much-needed capital and resources through P10,000 loan packages to micro, small, and medium enterprises (MSMEs), particularly sari-sari stores and carinderias, to enable them to get back on their feet and sustain safe operations amid the pandemic.

Fund managers ASA and ASKMSDI will take charge of the fund delivery to target beneficiaries.

The loan package comprises 60% goods and products and 40% cash, with up to four loan cycles with a 0% to 0.5% service fee to be availed.

Coca-Cola said “Safe Store" kits for COVID-19 transmission prevention — consisting of a storefront plastic cover, reusable face mask, face shield, and a change/counter tray — will also be provided.

"Coca-Cola recognizes the significant role that micro-retailers play in helping sustain the Philippine economy and our business. For the past decade, we have been supporting partner sari-sari store owners through a holistic economic empowerment program; and we are determined to continue investing in them in the long run," Winn Everhart, Coca-Cola Philippines president and general manager, said.

"This ongoing crisis does not change that commitment; rather it pushes us even to go beyond, ramping-up our support toward helping each other fuel the economy toward recovery—for their growth is the nation's growth, too," Everhart said.

A rapid retailers assessment conducted by the Philippine Association of Stores and Carinderia Owners (PASCO) from March to April of this year showed that 42% of sari-sari stores and 75% of carinderias were forced to close.

It also shares that up to 49% of them experienced difficulties in buying goods to sell, while 44% of them had to drastically downsize business operations by up to 90%.

"Strengthening micro-businesses is one of the priority interventions of DTI, and the ReSTART program will be of great significance and of far-reaching benefit to our micro-entrepreneurs," Trade Secretary Ramon Lopez said.

“Through the program components and their objectives, ReSTART will translate to the continuous recovery of the thousands of affected community-based micro-retailers, and in turn, to their employees and the general community around them,” Lopez added.—AOL, GMA News

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